GBPNZD Strong buy signal at the bottom of the Channel Up.The GBPNZD pair has been trading within an 11-month Channel Up and since its break below the 1D MA50 (blue trend-line) on August 28, it has been forming the new bottom. Monday saw it approaching the Higher Lows trend-line and with the 1D MA200 (orange trend-line) just below it as a Support, we believe that we've seen the new Low.
In fact, as the 1D RSI made a Double Bottom, it resembles the Channel's last bottom formation on June 06. The final confirmation of the bullish break-out will be when a 1D candle closes above the 1D MA50. We expect at least a +4.45% rise, thus targeting 2.19000 on the medium-term.
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