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GBP/NZD Potential Upward Movement

GBP/NZD Long-Term Trend: Bullish

Key Resistance Levels: 1.97300, 1.97690, 1.97999.

Key Support Levels: 1.96855, 1.96548, 1.96338.

1-Hour Frame:

The price on the higher time frame succeeded to break the bearish trendline to the upside after a fake out where the bears has been trapped. The market retraced to the support area where it left a huge hammer bar with a long to the downside signaling a potential move to the upside in the coming hours.

GBP/NZD Medium-Term Trend: Bullish

10-Mins Time Frame:

On the lower time frame, the buyers succeeded to break the bearish trend line to the upside after a double bottom formation. A lower correction could be seen to the support level to bring back liquidity before a new bullish impulsive wave toward the target profits.

Buy Limit Order @ 1.96907

TP 1 @ 1.97300

TP 2 @ 1.97690

Stop Loss @ 1.96515

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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