GBPNZD Analysis
A Very interesting pair with multiple possibilities all leading the same way and only one signifying a big change in overall trend.
Daily
Price @ Lower Trendline, Near Daily OB
Market conditions signifies consolidation/ranging (Loss in Momentum to the downside / building up momentum to the downside)
Lowest Low holding
4HR
Descending triangle broken @ top line
Failing to break the lowest low, however also creating higher highs
1HR
Bearish Flag Pattern (Towards daily Trendline)
Notes:
It looks like price will create lower lows towards the daily trendline/ob before attempting a Top channel break and retest.
Possibilities:
the top channel break and retest could fail under the currently marked lowest low and then attempt to break the daily ob in a further attempt to test the weekly trendline/ob before then pushing up.
It doesn't seem feasible that price will break the weekly trendline/ob, however its still a possibility and if so, price will then attempt a break of the monthly lowest low.
Daily
Price @ Lower Trendline, Near Daily OB
Market conditions signifies consolidation/ranging (Loss in Momentum to the downside / building up momentum to the downside)
Lowest Low holding
4HR
Descending triangle broken @ top line
Failing to break the lowest low, however also creating higher highs
1HR
Bearish Flag Pattern (Towards daily Trendline)
Notes:
It looks like price will create lower lows towards the daily trendline/ob before attempting a Top channel break and retest.
Possibilities:
the top channel break and retest could fail under the currently marked lowest low and then attempt to break the daily ob in a further attempt to test the weekly trendline/ob before then pushing up.
It doesn't seem feasible that price will break the weekly trendline/ob, however its still a possibility and if so, price will then attempt a break of the monthly lowest low.
Note
Top 1hr line should be adjusted
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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.
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.