$GBP v $NZD - Structural Analysis: Limited Upside | #BOE #forex
Friends,
Following a back to back Elliott Wave Contracting Triangle (with internals a-b-c-d-e), wherein point-e offered a significant point of departure, we are now looking at a potential range-bound play, as defined by the underbelly from the first a-c Line extension on the upside, and a double-bottom support extended forward from similar 10 AUG and 23 AUG rejection levels.
Note that the a 0.618-Fibonacci level corroborates the upside resistance narrative near 2.4278. Also, worth heeding is RSI relative to its own resistance trendline, which may or may not guide us in following the ensuing price action.
We will continue to follow this play with the expectation that price might be range-bound in the most immediate time horizon, with a net-bearish outlook for this pair.
Best,
David Alcindor
Predictive Analysis & Forecasting
Durango, Colorado - USA
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Twitter: @4xForecaster
LinkedIn: David Alcindor
TradingView: www.tradingview.com/u/4xForecaster/
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Following a back to back Elliott Wave Contracting Triangle (with internals a-b-c-d-e), wherein point-e offered a significant point of departure, we are now looking at a potential range-bound play, as defined by the underbelly from the first a-c Line extension on the upside, and a double-bottom support extended forward from similar 10 AUG and 23 AUG rejection levels.
Note that the a 0.618-Fibonacci level corroborates the upside resistance narrative near 2.4278. Also, worth heeding is RSI relative to its own resistance trendline, which may or may not guide us in following the ensuing price action.
We will continue to follow this play with the expectation that price might be range-bound in the most immediate time horizon, with a net-bearish outlook for this pair.
Best,
David Alcindor
Predictive Analysis & Forecasting
Durango, Colorado - USA
-----
Twitter: @4xForecaster
LinkedIn: David Alcindor
TradingView: www.tradingview.com/u/4xForecaster/
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