GBPNZD Short term bullish set up +300 pip potential
Here we have GBPNZD still respecting a long term channel support.
Currently there is a bullish divergence spotted around this support area.
My trade idea is for a bullish retracement up to price level of 2.01213 (TP) around 300 pips which acted previously as support but was broken down to make a lower low.
there is a possibility of a downtrend continuation at this level hence my TP there, if price breaks out of this level to the up , wait for a successful retest and rejection to confirm new uptrend.
A close below 1.9810 (My SL) will invalidate this idea
Currently there is a bullish divergence spotted around this support area.
My trade idea is for a bullish retracement up to price level of 2.01213 (TP) around 300 pips which acted previously as support but was broken down to make a lower low.
there is a possibility of a downtrend continuation at this level hence my TP there, if price breaks out of this level to the up , wait for a successful retest and rejection to confirm new uptrend.
A close below 1.9810 (My SL) will invalidate this idea