GBPNZD: Is the market getting ready for the next IMPULSE?Hello, everybody and welcome to Cybernetics Trading Lab, today we are going to analyse the GBPNZD, 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.
Top Down Technical Analysis:
At the end of September, the market performed a really strong and sharp bullish impulse.
During that time, many traders were looking for a long position, our team included!
Eventually, in the month of November, we could see a formation of a head and shoulders just above a previous swing high, a perfect clue for a market reversal, confirmed just at the end of October with a strong breakout of the main pattern and continuation to the downside.
Currently, the market is forming a potential bearish flag, needed to correct the previous sharp and quick move.
For our bias, although we will be looking for a short entry, the market is not ready yet and a deeper consolidation it may happen and last for the week and eventually the next one.
When, where and why would we step into the market?
Before any short position on this market, we will be waiting for the consolidation to be completed, eventually entering on the breakout or from the top of LTF structure if all the conditions will be in line with our strategy.
We don’t expect the market reaching very low target but 1.9100 could be a realistic and a possible scenario, definitely profitable also in terms of RR!
If you enjoy this trade idea, please support our work with a thumb up and don’t forget to follow our social medias!
Sincerely,
Cybernetics Trading Lab
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose.
