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Jan 15, 2025

Trade ideas

GBPNZD: Expanding Wedge

GBPNZD, Daily

GBPNZDDaily.png

In the Daily timeframe, GBPNZD fell towards the lower trendline of the expanding channel. Price is testing support and has crossed the lower Bollinger line, indicating a possible rebound. However, the AO indicates that the bearish momentum is gaining strength.

  • A trendline break below 2.1760 will drop GBPNZD to 2.1470;
  • A rebound from the trendline will bring the price back to 2.2100;

Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Egor Schmidt

Author: Egor Schmidt

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