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Overnight the GBPNZD fired of a Bullish Engulfing Bar (BUEB) on the 4hr chart. This BUEB was formed from an extreme swing low and also long term support level. The only worry for traders taking this setup was the strong downtrend they were trading against.
Price has now moved higher and is moving closer into over head resistance. For traders who prefer to trade with the trend the resistance level closely above could be a good area to look for bearish Price Action to get short.
GBPNZD 4HR CHART
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