Long thesis of GBPNZD
This has been on our watch for 2 months watching and waiting for clear decelleration + technical confluence to look to get lon, and this weeks finish looks to have completed that, breaking out of the Bullish wedge upon many key confluent areas as highlighted on the chart.
This all stacked together looks like a excellent Reward / Risk potential trade coming up in the next couple of weeks on a daily pullback.
BULLISH outlook:
1. BULLISH engulfing candle (Weekly)
2. Inverted hammer 2 weeks ago.
3. Clear Deceleration of bearish weekly run.
4. Fib .618 Pullback + test
5. Bullish Wedge
6. Key long term support line
7. Key Uptrend line tested and respected.
8. Bullish golden cross June 2015.
This all stacked together looks like a excellent Reward / Risk potential trade coming up in the next couple of weeks on a daily pullback.
BULLISH outlook:
1. BULLISH engulfing candle (Weekly)
2. Inverted hammer 2 weeks ago.
3. Clear Deceleration of bearish weekly run.
4. Fib .618 Pullback + test
5. Bullish Wedge
6. Key long term support line
7. Key Uptrend line tested and respected.
8. Bullish golden cross June 2015.
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