Following our Daily timeframe overview (tradingview.com/chart/GBPNZD/9SeMVF8n-GBPNZD-Daily-Timeframe-Overview-Short-Opportunities/), we are currently monitoring price action on the OANDA:GBPNZD, waiting to see if these last movements will develop as a correction that ultimately will break to the downside. For those who aren't in the sell from the sell setup area at the top, watch the pair carefully now. If this last pattern develops correctly as a correction, it will break to the small trend to the downside. If and when this happens, this would seem to us another great occasion to go short on this pair. If you take this trade to the downside, you have to be careful afterwards and manage your trade accordingly, as once the price hits the daily trend line (in yellow) the pair might reverse for one more upwards movement before the bigger fall. Nonetheless, a great short occasion, even if one has to actively manage the trade. If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button. Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down). Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
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Possible wave progressions:
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Watch for breaks to the downside of this minor uptrend for another great short opportunity:
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Watch price action closely to find new short opportunities or monitor corrective structures in the making: