Elliott Wave practitioners may find the current GBPNZD chart to be a textbook example of a potential SHORT opportunity. As the pair completes a corrective wave (b), reaching a common retracement level, we anticipate the initiation of an impulsive wave (c) to the downside.
The climb of wave (b) to the 0.965 retracement suggests an impending reversal, with targets for wave (c) potentially extending to the 1.0 or even 1.618 Fibonacci levels of wave (a). This forecast aligns with the observed topping pattern and the resistance encountered at the current levels.
With the New Zealand Dollar's strength often linked to dairy exports and commodity currency status, and the British Pound facing Brexit-related volatility, the macroeconomic climate seems conducive to the bearish outlook suggested by the Elliott Wave pattern.
Traders might consider entering SHORT positions following the completion of wave (b), with stops above its peak to cap risk. Conservative targeting of the Fibonacci levels associated with wave (a) could provide logical take-profit zones, allowing traders to capitalize on the projected decline in a measured and strategic manner
The climb of wave (b) to the 0.965 retracement suggests an impending reversal, with targets for wave (c) potentially extending to the 1.0 or even 1.618 Fibonacci levels of wave (a). This forecast aligns with the observed topping pattern and the resistance encountered at the current levels.
With the New Zealand Dollar's strength often linked to dairy exports and commodity currency status, and the British Pound facing Brexit-related volatility, the macroeconomic climate seems conducive to the bearish outlook suggested by the Elliott Wave pattern.
Traders might consider entering SHORT positions following the completion of wave (b), with stops above its peak to cap risk. Conservative targeting of the Fibonacci levels associated with wave (a) could provide logical take-profit zones, allowing traders to capitalize on the projected decline in a measured and strategic manner
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