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Gbpnzdanalysis

GBPNZD - WATCH THE MEGAPHONE FOR A POTENTIAL DROPSymbol - GBPNZD CMP - 2.2790 GBPNZD is currently forming a megaphone pattern and is trading near its upper boundary which is a resistance area. This pattern, characterized by increasing volatility and wider price swings, suggests potential reversal points in the market. A false break of resistance may occur before a potential price drop from the trendline resistance area. On the daily chart, the overall structure appears ready for a bearish reversal, with market dynamics influenced by broader global factors, including the recent rebound in the US dollar. After a false breakout of the resistance, a correction is likely to take place. The price may test the imbalance zone or revisit the previously broken resistance before continuing its decline, following the capture of liquidity. The broader trend remains neutral for now, so it's crucial to focus on key local support levels as potential targets. Resistance levels: 2.2815, 2.2850 Support levels: 2.2600, 2.2435 A retest of the upper range of the megaphone pattern or the area between 2.2815 and 2.2850 is possible. However, any movement of the price below the trendline resistance, accompanied by consolidation in the selling zone, could trigger further downside movement.
Short
by akshit_official
GBPNZD Top-Down AnalysisHello Traders, Here is the Top-Down Analysis of GBPNZD (Monthly, Weekly, Daily for direction and 4H for entry) for Week 44 - 26 Oct M > Market is moving in a rising channel. Price reached support of channel coinciding with monthly support, faced rejection and started upward move creating a double bottom. W > Price pulled up till 0.618 Fib level on last weekly bearish impulse and faced rejection. This level also coincided with weekly support, now turned resistance. D > Price created an M formation during bearish move and we can expect it to make an upward move to test its neck. Price also created a W formation and as expected it dropped to test its neck before continuing with upward move. Price is moving to the upside creating HH and HL and we can expect it to move towards our target. As per COT GBP saw addition of Long and closure of Short positions further improving net positions though still in -ve. BXY however weakened during the said week and ended last week in a Doji after strong buying pressure during start of the week. NZD saw closure of both Long and Short positions further improving net positions, whereas ZXY was weak during the said week but it gained strength last week. ZXY has been gaining strength slowly since June 2020. 4H > Price is rising in an upward wedge creating HH and HL with small dips in middle of the wedge. Price is currently testing bottom of wedge as support and we will for reversal confirmation to compound our position with a Long. Pair Correlation: GBPNZD has positive correlation with GBPCAD, GBPAUD and negative correlation with EURGBP and NZDCAD. This was my Idea and I hope you find it useful. If you find the analysis of help please leave a LIKE and FOLLOW for receiving all updates during the week. In the comment section share your view or ask questions. Thank You AP17FX
Long
by AP17FX
Buy GBPNZD : Inverted head and shoulderThe pair has formed an inverted head and shoulder patttern on daily basis. The prices are at the bottom of the second shoulder and is supported by 21 days EMA. Buy the pair as soon as the prices sustain above the necline at 1.93541 i.e. a daily closing above this level. The price may hover between the height of the second shoulder which is a good sign before a breakout. Once done, the first target will be at 1.95742, which is equivalent to the height of the shoulder and then at 1.98359. The stop loss for the trade is at 1.89833.
Long
by forexnoobmaster007