Price has reached an area of strong support on both Daily and Weekly time frames (blue area), with a retracement of 38.2% and a channel forming.
Once this channel breaks, then a good strong move up could form to 115.xx or even upto 118.xx
GBPNZD has been ranging for quite some time now between 1.67455 and 1.79460. The formation of an ascending triangle, and price being above the 200 SMA may imply that a B/O and move up could occur. But, with the continuation of Brexit, will the pair stay down for a while longer?
The pair looks to have hit resistance again, with a Bearish pinbar forming on the...
Downward channel formation on the Daily time frame at an area of support. The pair has now retraced back to the 50% fib from 3rd March 2016.
Potential for long after retesting this support area and bouncing upwards.
Further areas of confluence are the 200 SMA which the pair is also testing at this level!
First idea here so hope this helps!
Seems as though this pair has been making a nice move upwards but has recently seen a break to the downside. H&S pattern emerging, plus rejections of the trend-line and a 61.8 retracement has got me thinking that there is likely to be a further move downwards.
Only my opinion, other ideas welcome.
