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Thursday, January 14, 2021

GBPNZD: The price is REACHING an Important RESISTANCE LEVEL

GBPNZD: The price is REACHING an Important RESISTANCE LEVEL

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🟢Forex Pair:
GBP/NZD

Technical Analysis:
Let's start with the weekly perspective, since the end of March 2020, the price has been following a strong downtrend, moving the market inside a clear falling wedge pattern.
The 7th of December the price reached an important historical trendline, getting a clear rejection.

In the daily perspective the price has been moving with a strong downtrend, got a rejection on the level at about 1.85189 and today it's just reached the dynamic weekly falling wedge's resistance.

In the h4 perspective, since December the price has been moving following the secondary trendline, in fact we can properly see many rejections on this dynamic level, though it got a temporary breakout on the 5th of January.
The price is actually reaching the historical dynamic resistance and also an important strong S/R zone.
The next price action around this area will be essential to understand the next market movement.

🔴Conclusion: ❌
Once the price got its last rejection on the main trendline, it's not been able to retest the same level, that could be an interesting sign of weakness.
I'm confident to see the price to break the weekly pattern and continue its uptrend after eventually a period of consolidation.
My long target is the next resistance level at about 1.93218 but I don't suggest to open any position right now!

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Trade Safe and Responsibly,
Gianni



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