GBP/NZD
A very simple long trade. Having watched this pair behave for the majority of the day, it has a very bullish tone to it and has recovered from all dips during the day, that is the sign of bullish momentum. We are now in a previous resistance area which now has confluence with the .50% fib retrace. In addition to that, it also appears we have a simple AB-CD pattern forming. Confluence can also be found in that the completion of the D leg, finds price hitting the 1.618% fib ext.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.