🧠 Trading Idea
On the H1 timeframe, GBP/NZD is currently consolidating after a strong prior drop. The price is testing:
a rising trendline (3rd touch),
the 61.8% Fibonacci retracement from the last upward swing,
and a horizontal support zone matching previous structure levels.
This triple confluence suggests an increased chance of a bullish bounce.
🌐 Fundamental Context
GBP is supported by stronger economic data (inflation, retail sales, and PMI).
NZD is under pressure due to weaker outlook and possible dovish tone from the RBNZ.
The fundamental bias currently favors GBP strength over NZD.
📊 Technical Summary
The H1 chart shows sideways consolidation near the trendline, without strong bearish momentum.
A confirmed bounce (e.g., bullish candle, higher low) could provide room for trend continuation.
Watching closely how price reacts at the golden fib ratio zone.
📌 Summary
This idea highlights a potential bullish scenario at the 3rd touch of a trendline, supported by technical confluence and a favorable fundamental backdrop. Confirmation is key, but long bias currently holds higher probability than short.
This analysis is for educational and informational purposes only. It does not constitute financial advice or a trading recommendation. Always conduct your own research and risk management. Trading involves significant risk of loss and is not suitable for all investors.
On the H1 timeframe, GBP/NZD is currently consolidating after a strong prior drop. The price is testing:
a rising trendline (3rd touch),
the 61.8% Fibonacci retracement from the last upward swing,
and a horizontal support zone matching previous structure levels.
This triple confluence suggests an increased chance of a bullish bounce.
🌐 Fundamental Context
GBP is supported by stronger economic data (inflation, retail sales, and PMI).
NZD is under pressure due to weaker outlook and possible dovish tone from the RBNZ.
The fundamental bias currently favors GBP strength over NZD.
📊 Technical Summary
The H1 chart shows sideways consolidation near the trendline, without strong bearish momentum.
A confirmed bounce (e.g., bullish candle, higher low) could provide room for trend continuation.
Watching closely how price reacts at the golden fib ratio zone.
📌 Summary
This idea highlights a potential bullish scenario at the 3rd touch of a trendline, supported by technical confluence and a favorable fundamental backdrop. Confirmation is key, but long bias currently holds higher probability than short.
This analysis is for educational and informational purposes only. It does not constitute financial advice or a trading recommendation. Always conduct your own research and risk management. Trading involves significant risk of loss and is not suitable for all investors.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.