GBPNZD - SELL IDEA
Looking at the GBP/NZD 15-minute chart, we can observe a potential short opportunity unfolding. The pair appears to be completing a corrective wave pattern, with wave (b) marking a temporary retracement upward. Now, the chart suggests that wave (c) is in progress, targeting a move towards the 0.618 Fibonacci retracement level at 2.11770.
This setup implies that the bearish momentum could continue as the pair seeks to complete this corrective phase. Traders looking to capitalize on this downtrend might consider short positions, with the 2.11770 level serving as a potential target area.
As always, it is crucial to monitor price action closely and apply appropriate risk management strategies. The market can be unpredictable, and while this analysis offers a probable scenario, confirmations are key before making any trading decisions.
This setup implies that the bearish momentum could continue as the pair seeks to complete this corrective phase. Traders looking to capitalize on this downtrend might consider short positions, with the 2.11770 level serving as a potential target area.
As always, it is crucial to monitor price action closely and apply appropriate risk management strategies. The market can be unpredictable, and while this analysis offers a probable scenario, confirmations are key before making any trading decisions.
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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.
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.