GBP/NZD: Exhausted market, a potential reverse!
Hello, everybody, and welcome to my TradingView’s profile, my name is Gianni and today I’m going to analyse the GBP/NZD, translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities.
My ideas are for those who are interested in improving their financial education and for those who are looking for new trading opportunities, according with their own strategies.
Weekly timeframe:
Daily timeframe:
4 hours timeframe:
The market has been consolidating for a while and it has currently reached an important solid resistance level that rejected the price many times during the past years.
The last strong bullish impulse started changing its degree, forming an interesting rising wedge pattern, usually is a sign of exhaustion and decreasing of momentum. A possibility of a correction to the downside is quite hight considering the general condition of this pair.
When, where and why would I step into the market?
Overall the market has still a bearish perspective, considering that the consolidation area is between the last LH and LL.
The trend is not changed yet, so before planning my short position on this trade I will be waiting for a breakout of the rising wedge, some consolidation to confirm the breakout and good supply to protect my trade.
Only when these conditions will be respected, I will be looking for a good entry point with a RRR of 1:2 or greater. I’ll update the idea with the suggested SL and TP !
If you enjoy this trade idea, please support my work with a thumb up and don’t forget to follow my profile for more detailed market analyses!
Trade safe and responsibly,
Gianni
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose
My ideas are for those who are interested in improving their financial education and for those who are looking for new trading opportunities, according with their own strategies.
Weekly timeframe:
Daily timeframe:
4 hours timeframe:
The market has been consolidating for a while and it has currently reached an important solid resistance level that rejected the price many times during the past years.
The last strong bullish impulse started changing its degree, forming an interesting rising wedge pattern, usually is a sign of exhaustion and decreasing of momentum. A possibility of a correction to the downside is quite hight considering the general condition of this pair.
When, where and why would I step into the market?
Overall the market has still a bearish perspective, considering that the consolidation area is between the last LH and LL.
The trend is not changed yet, so before planning my short position on this trade I will be waiting for a breakout of the rising wedge, some consolidation to confirm the breakout and good supply to protect my trade.
Only when these conditions will be respected, I will be looking for a good entry point with a RRR of 1:2 or greater. I’ll update the idea with the suggested SL and TP !
If you enjoy this trade idea, please support my work with a thumb up and don’t forget to follow my profile for more detailed market analyses!
Trade safe and responsibly,
Gianni
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.