GBPNZD | Perspective for the new week | Follow-up details
We are yet to take advantage of the Bearish tendency since my last publication on this pair as we await price action to do a complete rejection of the Bullish trendline identified on the publication (see link below for reference purposes). Like the setup identified on our GBPAUD, we have a similar pattern here too as price action transitions into a Descending Channel
Tendency: Downtrend (Bearish)
Structure: Breakdown | Supply & Demand | Channel | Reversal pattern (retracement)
Observation: i. A successful Breakdown of NZ$1.98500 on the 23rd of June 2021 after hitting a peak @ NZ$1.99600 is enough reason to expect a Bearish momentum.
ii. The Impulsive Breakdown was followed by a rejection of the same level at exactly 61.8% retracement (NZ$1.98500 area)on the 30th of June 2021 to respect Descending channel.
iii. The momentum initiated within the channel at the inception of the retracement move (25th June 2021) in the direction of the Bullish Trend declined as price successfully broke down both the Key level & Trendline on the 2nd July 2021 to give further significance to my Bearish bias.
iv. I look forward to a possible climb to retest Key level (New Supply level indicated on the chart) in the coming week before the risk of further decline.
v. A further plunge below NZ$1.96000 (Breakdown/Retest) welcomes an addition to the existing position... Trade consciously!😊.
Trading plan: SELL confirmation with a minimum potential profit of 200 pips.
Risk/Reward: 1:4
Potential Duration: 2 to 7days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Tendency: Downtrend (Bearish)
Structure: Breakdown | Supply & Demand | Channel | Reversal pattern (retracement)
Observation: i. A successful Breakdown of NZ$1.98500 on the 23rd of June 2021 after hitting a peak @ NZ$1.99600 is enough reason to expect a Bearish momentum.
ii. The Impulsive Breakdown was followed by a rejection of the same level at exactly 61.8% retracement (NZ$1.98500 area)on the 30th of June 2021 to respect Descending channel.
iii. The momentum initiated within the channel at the inception of the retracement move (25th June 2021) in the direction of the Bullish Trend declined as price successfully broke down both the Key level & Trendline on the 2nd July 2021 to give further significance to my Bearish bias.
iv. I look forward to a possible climb to retest Key level (New Supply level indicated on the chart) in the coming week before the risk of further decline.
v. A further plunge below NZ$1.96000 (Breakdown/Retest) welcomes an addition to the existing position... Trade consciously!😊.
Trading plan: SELL confirmation with a minimum potential profit of 200 pips.
Risk/Reward: 1:4
Potential Duration: 2 to 7days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
