GBPNZD - Bullish Triangle Break + Setup
Hello traders
GBPNZD has been forming a triangle pattern since 13 January and has now broke bullishly out of it. While it was a descending triangle, the rsi had been forming a bullish divergence showing a sign of strength.
Add to this the fact that this setup is forming on a daily trendline making this a high probability setup to me.
This is the link to the daily chart tradingview.com/x/qN07JMaN/.
For me the entry would be to place a limit order slightly above the 0.5 fib level and a target of the largest range inside the triangle as marked on the chart.
GBPNZD has been forming a triangle pattern since 13 January and has now broke bullishly out of it. While it was a descending triangle, the rsi had been forming a bullish divergence showing a sign of strength.
Add to this the fact that this setup is forming on a daily trendline making this a high probability setup to me.
This is the link to the daily chart tradingview.com/x/qN07JMaN/.
For me the entry would be to place a limit order slightly above the 0.5 fib level and a target of the largest range inside the triangle as marked on the chart.
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