• Dec 18, 2024
  • Trade ideas

GBPNZD: Ascending channel

GBPNZD, Daily

GBPNZDDaily.png

GBPNZD has formed an ascending channel pattern. The price has reached the upper trendline, and the 161.8 Fibonacci resistance has been tested after crossing the upper Bollinger line. Meanwhile, the %R is also showing a major overbought pattern.

  • If the price breaks the trend line above 2.2150, the rise will continue to 2.2600;
  • However, if the price bounces, it will start a correction to the lower trendline of 2.1800;
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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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Author: Egor Schmidt