swingtradingthemarkets
Short

GBPNZD - Descending Wedge 240-min

FX:GBPNZD   British Pound / New Zealand Dollar
GBPNZD currently @1.9417. The break of the descending wedge BELOW the 1.9390 will give us a potential short to the 1.9380-9350 level where in the past have found some buyers (see diamonds at June 11 & 26th). The ATR ( Average True Range ) for the pair is currently at 98 pips.

We would like to see the break of the wedge and continuation to the downside (past buyers area @1.9370-50), but on the other hand we have to take in consideration the moves of the GBPUSD and NZDUSD . Both are moving really slow and without clear direction. NOTE: If you look at the MACD , we have some divergence – where the MACD is going higher but the currency keeps printing lower candles – again a potential fake or message that the bounce is about to go north.

On the GBPUSD , we have been stuck in a range of 1.7105-1.7160 and the NZDUSD not giving away the short below the 0.8800. NZDUSD currently stuck in the 0.8800-0.8825 area. So, until we get a clear direction going into next week, we will be trading the break of the DESCENDING WEDGE .

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