Buying Retracement on GBPNZD
Price has been moving in a down trend the previous days.
Now with the new low price has formed, and a break of the previous low, I am expecting price to make a retracement and ultimately form another lower high.
Once price broke past the previous low and closed outside of the trend line, price found support at the demand level.
If you move to the 4 hour time frame it appears that a double bottom may be trying to form which will be the catalyst for the move to the upside .
Price will either meet resistance at the previous low which is also the 38.2 fib level or i can see price retracing to the golden area 50.0-61.8 fib level finding support, and possibly transition to a major uptrend.
There also appears to be bullish divergence.
