GBPNZD: Correction spotted

FX:GBPNZD   British Pound / New Zealand Dollar
535 21 18
This is an interesting chart. I was under the impression that this was a running correction intially but the recent price action makes me think otherwise.

The majority of the people are expecting a rate cut this week, during the RBNZ rate decision on Wednesday.
With heavy UK data coming out tomorrow, volatility is a given and I think the bigger risk/reward ratio will be on the short side.

Looking to short this week, using the 4h chart for entry, and scaling in as we move forward.
I'll update with my entry and scale ins once the trade is active.
This trade would serve as a hedge for GBPUSD             longs.

Good luck,

Trade closed: stop reached
HI JVAN what is zoar view on this pair now
IvanLabrie manijeh.kazemi.33
Waiting to short, same as gbpaud.
I'll wait for a clear fifth wave completion on lower timeframes, entering from the hourly.
+1 Reply
IvanLabrie IvanLabrie
This was a running triangle B wave it seems.
+1 Reply
thank you
GBPUSD and GBPAUD hit the target, while GBPNZD failed to go higher, perhaps the correction is the case now to test 2.1042
Covered partially and then got stopped for break even on the other half.
Monitoring price action now.
IvanLabrie IvanLabrie
Might not be a terminal wedge after all. Interesting nevertheless, tomorrow's data releases will move this pair big time.
HiTech IvanLabrie
Hey Ivan just wanted to share my ideas with NZD and GBP, where all NZD looking down and GBP up
GBPAUD - I changed the target slightly lower but yet to test it





GBPNZD will go down now only if I am soooooo wrong about all above
HiTech HiTech
and also AUDCHF
+1 Reply
AUDCHF looks considerably bullish to me.
GBPNZD, I took a succesful short but didn't reach my targets and the retracement was too steep.
Now I'm not sure if the wedge was indeed a wedge or a more complex pattern.

Thanks for reminding me to check. Looks like a downtrend expires today!
+1 Reply
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