GBPNZD - Intraday - We look to Buy at 1.9600 (stop at 1.9440)
Previous support located at 1.9800.
Previous resistance located at 1.9900.
Further upside is expected although we prefer to set longs at our bespoke support levels at 1.9600, resulting in improved risk/reward.
A move through 1.9900 will confirm the bullish momentum.
Our profit targets will be...
Gartley pattern formed this week and got triggered in this afternoon
Previous level of resistance likely to act as support before GBP moves higher.
Entry at: 1.92124
Stop loss at: 1.90807
Target 1 at: 1.93080
Target 2 at: 1.93728
Targets will be moved to account for extension of D leg
Wave 3 on higher Time Frame seems to be completed.
For swinger, We need to wait for Retracement completion before taking part.
The best entry level is 2.032000
Maximum take profit would be 2.07000
Scalper would appreciate the retracement movement.
Good luck
The long position is taken – 4H -Daily timeframe I checked and last day candle barriers are HL and HH, in 4H also I see the start of a movement from a 4H demand zone, although price broke an ascending channel it was above a fat ascending komu. Also in lower timeframes, I see HL and HH. I enter the long position and the TP is last week High.
R/R = 1:1.1
Room to buy GBP at 1.9270, stops at 1.9170 and immediate targets at 1.97 or so. Chances of GBPNZD continuing with its initial buy run is high. I remain net bullish on GBP.
