GBPNZD Daily Outlook, 06/08/2014

I will like to show you a setup on the GBPNZD on the daily timeframe, the price movement that it has been given this past few days has been sort of enticing so if you are part of those that loves nice setup to trade with, then here it is because this will span over a several days.

GBPNZD Daily Outlook, 06/08/2014
GBPNZD Daily Outlook, 06/08/2014

In the image above, you can see on the daily that price tested the previous level which was the 4th June which led to price to move straight down to the levels below where it rallied before heading back up.

Now price is repeating itself again when price got back to that level on the 29th simply see what happened… now am still sell biased to this setup that price would still head back down based on the following reason…

Price is at a major key level area, price is at the weekly resistance and there is also a fight going on with the trendline, all these reasons points down a sell for me which should get to the level below as highlighted in the blue area and if broken will head over to the 1.90783.

Moreover, should price maintain above this weekly resistant area without breaking it most likely today, then it would seem that the buyers are pushing price up to 2.0222 which to me the chances of it going up there is slim…

But then simply watchout for this area and follow the market…

Talk to you soon