Get started
BillyGeoffreyJeff

GBPNZD: Correction wave before the breakout

Long
British Pound / New Zealand Dollar (OANDA:GBPNZD)  
BillyGeoffreyJeff Updated   
OANDA:GBPNZD   British Pound / New Zealand Dollar
Trend Analysis Wave Analysis Chart Patterns
1
0
trendanalysis waveanalysis chartpattern
As seen in this daily chart, the GBPNZD might have completed the fifth Elliott's wave within a descending triangle. This pair might form several correction wave that will be followed by a breakout probably above the resistance level. When the breakout do occur, wait for a pullback before entering the market. My bias for the long run is for long.
Comment:
Breakout below the support area had occured as seen in the 4H and daily time frame followed by a pullback to the support that now hadd became the new resistance area (Support became Resistance). If the price continue to descend, go for short.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.