The Pound New Zealand Dollar.

Hello all,

Todays chart of the GBPNZD, could be getting ready to resume its downtrend as there is a very small H&S pattern showing at present which merges in with the recent consolidation.

This pattern could also be interpreted as a triple top in a downtrend which would indicate more weakness to come, and as it is following the current trend could prove a good shorting opportunity.

This pattern formation topped at a fibonacci brether level, albeit a lower value one, which is an added confluence for the already many indications for the short.

A risk free trade could be had before the next support if planned properly using ESLT, but as always because the markets do what they wish, please ensure to do your own analysis before trading.

Also for those not in the GBPAUD, the longer term system gave a short signal on Thursday which was followed by a hanging man doji on Friday, but due to the consolidation and '000' above MoBo would be a better entry technique here.

Charts courtesy of AdvancedGet.

Good luck.

Clayton Farnworth.