GBPNZD: It's time to BREAK the ASCENDING CHANNEL!Hi traders and welcome to my channel, if you enjoy my FREE Technical Analysis 📈 and Trading Tips 📉, support the idea hitting the LIKE 👍 button and don't forget to SUBSCRIBE ✔️ my channel, you won't miss anything !
🟢 Forex Pair :
GBP/NZD
⚪ Technical Analysis :
In the weekly time frame, since November 2016, the price has been following a long uptrend, bouncing many times on its dynamic support trendline.
In November 2020, it broke the trendline for the first time and it's currently retesting the same level.
In the daily time frame, since March 2020, the price has been following a clear descending triangle pattern, getting few rejections on its dynamic resistance.
It is currently retesting the same level.
In the h4 time frame, on the 6th of January, the price got a strong positive impulse, moving up with a clear uptrend until the main trendline, breaking through an important S/R zone at about 1.89133.
It has currently got a rejection on the main trend line and the next price action will be essential to understand the next market movement.
🔴 Conclusion :
Since many days ago, the price has been following a long and strong ascending channel, but now that it reached an important trendline, I'm confident to see the price falling down as a trend correction until the next support zone at about 1.89162.
Once the price will eventually break and retest the current S/R level, I'll plan my short position on this trade.
Stay tuned for Updates and Trading Signals !
What's your opinion? Share your idea writing a comment!
⚠️ Please note the views are not investment advice and should be used only for educational purposes ⚠️
Trade Safe and Responsibly ,
Gianni
