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Gbpnzdsetup

GBPNZD MARKET STRUCTURE + ELLIOT WAVE SUGGESTING A SELL-OFFThe market structure of GBPNZD shows how the price breakout of major ascending trendline and support zone. Price is currently retesting the broken levels that lined up with a descending trendline. Price has the potential to decline from or near the current market price. Elliot wave also shows a series of 1-2, (i)-(ii) sequence which could mean a rapid sell-off should be expected. What's your thought on GBPNZD? Best of luck on the chart! Veejahbee.
Short
by Veejahbee
GBPNZD Analysis: Price currently at a critical decision pointHi traders, This pair has been in consolidation for the past one month and likely to make the next big move very soon. It is following a rising trendline and has come to test it once again. It is also currently at a strong support zone. I see high likelihood of it to bounce and continue upwards. Breakout of the trendline will invalidate the long idea. In case breakout occurs short the pair. Let me know your views in the comments. Hit like if you agree with the idea.
Long
by John_Mwaniki
GBPNZD SET A STAGE FOR A MAJOR SELL-OFFThe weekly chart above puts GBPNZD's entire decline since August 2015 in an Elliott Wave context. As visible, the currency pair spent almost 15 months to drew a textbook five-wave impulse. The pattern is labeled 1-2-3-4-5, where wave 1 unfolded as a leading diagonal, and five sub-waves of wave 3 and wave 5 are also visible. According to the Elliott Wave theory, a three-wave correction follows every impulse. This means the overlapping bullish price action we saw in the last three years is hardly the start of a new uptrend. Instead, it is most likely a complex W-X-Y-X-Z triple three correction within the larger downtrend from 2015 high @ 2.5344. Note how the resistance level discouraged the bulls in wave Z and also made a double top. This is another indication that the entire 5-3 wave cycle is complete. If this count is correct, we can expect the trend to resume in the direction of the impulsive sequence. Furthermore, the sell-off is supposed to breach 2016 low, so targets below 1.67004 make sense for GBPNZD going forward. Thanks for Reading! Veejahbee.
Short
by Veejahbee