FX:GBPNZD   British Pound / New Zealand Dollar
Looking at the pair with Elliot Wave Theory and Supply and Demand , I see Long term buy potential for this pair. Its currently at a resistance level and I would like to see a nice break through that level and look for price action to give confluence of its buy. It looks like we are currently in a Y wave and I would expect price to continue going up to take the high resting along side the 61.8 extension. From, there I would expect price to move down roughly 50 to 61.8 retracement possibly near our daily demand zone and look for a continuation to go up to the 1 and 1.236 extension, which will complete our Y wave. The resistance level where the market is currently at is around the supply zone , which has been consumed and now I am waiting for a S&D flip. I will look for a buy around 1.928340 area and stop loss is at the bottom of demand zone which is 1.90554. Be careful, as this likes taking out stop losses.

Potential gain is 2759 pips
Loss is 232 pips ( May get taken out before but I will be holding until I see price action)


Target is readline which is 2.20325

Comments

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