GBPNZD BULLISH BIAS 1/12/2024
Prices have pulled back to the 50 EMA on the daily chart, where there are numerous long lower wicks. This indicates that buyers have reacted and are preventing prices from falling below the 50 EMA.
This area aligns as a confluence point since it represents former resistance turned new support and coincides with the Fibonacci 0.382 level.
The Anchored Volume Profile also highlights this price level as the "Point of Control."
If a bullish engulfing candle forms, it would indicate positive momentum and could provide an opportunity to enter a trade.
This area aligns as a confluence point since it represents former resistance turned new support and coincides with the Fibonacci 0.382 level.
The Anchored Volume Profile also highlights this price level as the "Point of Control."
If a bullish engulfing candle forms, it would indicate positive momentum and could provide an opportunity to enter a trade.
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