Been waiting on a breakout on this ascending wedge, making higher lows but unable to break the ~1.93658 level. Spotted a hammer at the bottom of the short downtrend, which indicates the bulls taking control, but watching the chart i can see the bears are really trying to push the price down. I personally am not currently in a trade with this pair.
A double top indicating buyers are struggling at the moment, also we have a wedge pattern which is close to an end. A couple of respected horizontal lines in, with some short term buy/sell opportunities
GBPNZD price action trading above support level with weekly rejection candle from last week. Daily rejection candle with bearish momentum slowing down has started to push up the price action.
Considering placing Buy stop entry at 1.89317, SL at 1.89057 with TP1 @ 1.89900, TP2 @ 1.909800, TP3 @ 1.92291, TP4 @ 1.93950
I am shorting the market since it shows a strong bearish trend and the price is below MA 200. My first entry would be @ 1.9122 when the price stays under the trendline. However, if the price breaks the trendline and breaks above the zone, my next entry would be at the next supply zone @ 1.9220.