Hey traders,
GBPNZD is currently very volatile such that there was no clear price action that we could lean on to enter the market. However, we currently see the price reacting as soon as it returned to a daily resistance zone which was previously a support zone.
With this price reaction on the zone, it does not mean that we jump to sell the market right away. We need to wait for confirmation of bearish momentum as the current momentum is still bullish.
Therefore to sell the market, I'll wait for a clear breakout of the trendline and look for short entry in the lower timeframes.
if the above conditions are not met, the setup will be invalid
GBPNZD is currently very volatile such that there was no clear price action that we could lean on to enter the market. However, we currently see the price reacting as soon as it returned to a daily resistance zone which was previously a support zone.
With this price reaction on the zone, it does not mean that we jump to sell the market right away. We need to wait for confirmation of bearish momentum as the current momentum is still bullish.
Therefore to sell the market, I'll wait for a clear breakout of the trendline and look for short entry in the lower timeframes.
if the above conditions are not met, the setup will be invalid