After a 61% retracement, GU retests high for reversal pattern downing to past the 61% retracement level w/ a retest of prior support turning to resistance around the same area. Possible reversal at the 78% or at the 100% confluence level. Off either retracement level: TP 1 = 61.8% / TP 2= 38%/ TP 3= 23.6%. Going past TP1, move SL in profit off a new found support...
The GBPNZD 50% retracement from the last major move appears to be holding. Indicators are suggesting oversold values and weakening bullish pressure. The red rectangle is the projection based on the 50% retracement.
A pending sell order has been place a few pips below today's low at 1.748. SL is safely above the highs of this retracement.
GBPNZD likes to make...
