Retracement After Reversal

14 בינו׳ 2020

GBPNZD had a reverse in trend based on my strategy, and now the currency pair is in a retracement, or pullback. Currently, on the 4 hour time frame, price is at the 50 moving average, and at the golden zone in the Fibonacci retracement tool, if we go down to the 30 minute time frame, we can also see that price is overextended on my stochastic indicator. This looks like a good shorting opportunity as I speak with a take profit at the previous lower low.