GBPNZD rising wedge in downtrend is bearish

GBPNZD trend is still down - we have this rising wedge that appears to have failed.

Looking for a pullback to enter short.

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I added some more here, 3/4 lot

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Not a fan of NU performance however - price is sitting on support of channel inside larger channel trend.

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I didn't see this other major resistance - thick black line on updated chart below.

So now we have a rising wedge in a downtrend on the cusp of failure (rising wedges in downtrends have higher probability of breaking lower) and strong descending resistance line.

Should be good to cyan box area, where first TP will be.

Trade stängt: Stopp nått:

Stopped out last night for 2 pips, the whole move from top of triangle to lowest move down was about 80 pips.

Still think that a GN short is viable - looking at these two things:

1 - GBPNZD price is outside 1HR upper bollinger band
2 - Price did a pullback to the rising wedge that it initially broke down from

GBPNZD is driven right now due to GBPUSD strength - when this GBPUSD channel resistance goes into play, GBPUSD will drop and GBPNZD will pop - NZDUSD is also bullish.

Throwback channel retest on NZDUSD after breaking out.

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NZDUSD closer look