GBPNZD Trading At Support; Bulls Can Take Price Higher
Hello traders, and welcome to our new update regarding the GBPNZD, where we will focus on the intra-day structure. Let’s dig in!
GBPNZD looks to be trading in a bullish impulse since end of February, which means we expect a five-wave movement to unfolded to the upside. As we look closely, we can see four of the five needed sub-waves unfolded, which can mean that only one more leg up may show up on the pair. That said, we think this can possible happen near current levels, 1.9431 zone, if we consider the fact that corrective wave 4 already finished its correction. A suggestion, why we think this correction from 1.9639 is completed is the equality measurement that we did with former wave 2, and now applied it to wave 4. If we are correct, then we may see a new five-wave recovery show up in days to follow, and with it a new break above the 1.9534 level, which would confirm more gains into wave 5.
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
GBPNZD looks to be trading in a bullish impulse since end of February, which means we expect a five-wave movement to unfolded to the upside. As we look closely, we can see four of the five needed sub-waves unfolded, which can mean that only one more leg up may show up on the pair. That said, we think this can possible happen near current levels, 1.9431 zone, if we consider the fact that corrective wave 4 already finished its correction. A suggestion, why we think this correction from 1.9639 is completed is the equality measurement that we did with former wave 2, and now applied it to wave 4. If we are correct, then we may see a new five-wave recovery show up in days to follow, and with it a new break above the 1.9534 level, which would confirm more gains into wave 5.
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.