GBPNZD: Long Trade Explained
GBPNZD is trading within a key weekly/daily zone of demand.
this zone is based on a strong horizontal structure + confluence with 618 retracement of the last major leg and a support line of a falling parallel channel on 4h.
on hourly time frame the price stopped falling after a massive selloff and set a higher low forming a double bottom pattern.
now I wait for a bullish breakout 1.949 minor resistance to initiate a long position.
target levels:
1.956
1.96
in case of a new lower low, lower close, setup will be invalid.
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