GBPNZD BEARISH CONTINUATION SETUP
The GBPNZD broke out of support level that lined up with ascending trendline with a five-wave impulse labelled wave 1.
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Currently, the price seems to be building a three-wave ABC zigzag corrective pattern labeled wave 2. The wave (c) of 2 "blue," is expected to terminate between 38.2 and 50.0 Fib ratio.
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Considering that the Fib ratio is lined up with moving averages and resistance zone, we will wait for the price to reach the confluence area and look for a breakout of the blue Counter Trend Line (CTL) for a conservative short entry.
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The price has the potential to move down towards the Fibonacci Extension 1 and support level at 1.81523 respectively.
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Thanks for reading!
Veejahbee.
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Currently, the price seems to be building a three-wave ABC zigzag corrective pattern labeled wave 2. The wave (c) of 2 "blue," is expected to terminate between 38.2 and 50.0 Fib ratio.
.
Considering that the Fib ratio is lined up with moving averages and resistance zone, we will wait for the price to reach the confluence area and look for a breakout of the blue Counter Trend Line (CTL) for a conservative short entry.
.
The price has the potential to move down towards the Fibonacci Extension 1 and support level at 1.81523 respectively.
.
Thanks for reading!
Veejahbee.
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