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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