Welcome to my analysis on GBPNZD
If we look back on the DAILY time frame, we can see price was greatly manipulated up to the 2.17500 level, followed my a steady bear run down to 1.90 (3 pips off)
The double boom at this level suggests this is a solid support zone.
I believe bears are exhausted and bulls are now in control. Following today's bull rally, I expect price to come back down to our 50% FIB Level, before further rising to 2.0000.
SL appropriately placed below the lower range boundary.
*NOTE*
Keep in mind I plan to hold this trade for a considerable amount of time. Smaller lot size recommended.
-Connor-
If we look back on the DAILY time frame, we can see price was greatly manipulated up to the 2.17500 level, followed my a steady bear run down to 1.90 (3 pips off)
The double boom at this level suggests this is a solid support zone.
I believe bears are exhausted and bulls are now in control. Following today's bull rally, I expect price to come back down to our 50% FIB Level, before further rising to 2.0000.
SL appropriately placed below the lower range boundary.
*NOTE*
Keep in mind I plan to hold this trade for a considerable amount of time. Smaller lot size recommended.
-Connor-