Technical outlook for gbpnzd on daily chart, for the long term view it seems that we just finished the third wave after the correction (wave 4) or the (pullback ) confirmed , and now we're starting the fifth wave the (impulsive wave), this wave moves in the direction of the overall trend but is usually sluggish and nearly as dynamic as the third wave of an Elliott wave cycle. wave 5 is the final leg in the direction of the dominant trend. one more thing wave 1,3, and 5 are made up of five subwaves.
The chart above shows that the first subwave of the fifth wave has been confirmed, and we're in a pullback or a corrective wave (subwave 2) after we finished, the subwave 3 will begin, which considered to be the longest among the five waves.
The targets will be, first the high of wave 3 which is (2.14979), second (2.17208). with a minimum stop loss at (2.00163).
The chart above shows that the first subwave of the fifth wave has been confirmed, and we're in a pullback or a corrective wave (subwave 2) after we finished, the subwave 3 will begin, which considered to be the longest among the five waves.
The targets will be, first the high of wave 3 which is (2.14979), second (2.17208). with a minimum stop loss at (2.00163).
Trade active
Comment:
The pair doing great, up 400 pips now.