E GBPNZD: Bullish Triangle In Progress

GBPNZD is trading in a big sideways range since the beginning of 2018, but we can clearly see a triangle pattern, which is a continuation pattern, so more upside is in view.

RBNZ leaves rate unchanged and NZD is weakening. It was actually expected and our members were warned about that based on many XXX/NZD cross-pairs analyses. However, yesterdays bounce looks like it has just completed a final wave E) of a triangle, so support slightly below 1.91 can be in place.

We can expect more upside here, especially if breaks above previous wave D) swing high at 1.9610 level, which would confirm a completed triangle, just be aware of pullbacks. That said, any decline should be only a temporary correction within an uptrend, as long as it's trading above 1.91 invalidation level.

GBPNZD, Daily

gbpnzddaily

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.