The GBPNZD is experiencing price manipulation by running down the sell side liquidation levels through the current consolidation area.

My April 25 long trade has ended in a loss.

https://www.finlogix.com/analysis/20240425/gbpnzd-intraday-analysis-and-trading-plan-for-april-25-2024

Join me as I give a fresh outlook for the cross pair.

There is a major impact data release in the UK expected this afternoon while there is none in New Zealand to finish the trading week.

Assessing GBPNZD’s high timeframe candles:

Yearly Candle: Still a Green Shaven Bottom since last check

Monthly Candle: Previous close is a Green Long Lower Shadow current is a Red Body with a Longer Head Wick

Weekly Candle: Previous close is a Red Long Upper Shadow current is a Red Body with a Longer Head Wick

Daily Candle: Yesterday close is a Red Shaven Bottom current is a Small Green Spinning Top

The GBPNZD is still trading within 2023’s profit taking upper shadow on the yearly basis.

All I’m seeing right now is a manipulation through the sell side liquidity running down through the current consolidation levels.

Way too below its 4H SMAs depicting overselling, we might see a strong recovery as GBPNZD is trading in a megaphone or expanding triangle which has higher high and lower low channels.

The bullish recovery is as strong as the bearish price action. 

I was wrong last time about a sideways move in the 2.09-2.10 range.

The reason that my previous trade plan exited in a loss was because it went in a total opposite direction.

Price went higher before my buy entry got triggered. As GBPNZD had that strong 2.1260 rejection, a strong move down has occurred hitting my stop loss in the process.

Based on the current sell side liquidity run down wave, I am interested to long the cross pair again.

I see strong aggressiveness both in the buying and selling side of the GBPNZD pair.

Good luck on this one and see you in my next analyses.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

GBPNZD Intraday Analysis and Trading Plan For May 10, 2024

May 10 2024

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