GBPNZD: Watching for BEARISH Trend Continuation
Hello, everybody and welcome to Cybernetics Trading Lab, today we are going to analyse the GBPNZD, translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities.
Top Down Technical Analysis:
In HTF, the market recently broke the previous swing high, and at that time, considering the bullish momentum, many traders were looking for a buy position.
However, as you can see on the chart, the market formed a head and shoulders pattern just above the resistance level, dropping sharply to the downside, a clear shift of momentum.
Since a couple a weeks ago, this market as been consolidating and it may be ready soon for a trend continuation if the bearish momentum will stay intact!
When, where and why would we step into the market?
Considering the actual bearish momentum in HTF, we would only be looking for day/swing trading short positions, if market will confirm the end of the consolidation by a breakout and further continuation, targeting the next swing low at about 1.88000.
In the scenario of breakout to the upside or no breakout at all, no action will be taken on here!
If you enjoy this trade idea, please support our work with a thumb up and don’t forget to follow our social medias!
Sincerely,
Cybernetics Trading Lab
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose.
Top Down Technical Analysis:
In HTF, the market recently broke the previous swing high, and at that time, considering the bullish momentum, many traders were looking for a buy position.
However, as you can see on the chart, the market formed a head and shoulders pattern just above the resistance level, dropping sharply to the downside, a clear shift of momentum.
Since a couple a weeks ago, this market as been consolidating and it may be ready soon for a trend continuation if the bearish momentum will stay intact!
When, where and why would we step into the market?
Considering the actual bearish momentum in HTF, we would only be looking for day/swing trading short positions, if market will confirm the end of the consolidation by a breakout and further continuation, targeting the next swing low at about 1.88000.
In the scenario of breakout to the upside or no breakout at all, no action will be taken on here!
If you enjoy this trade idea, please support our work with a thumb up and don’t forget to follow our social medias!
Sincerely,
Cybernetics Trading Lab
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose.
