GBPNZD long setup wave iv forming

FX:GBPNZD   British Pound / New Zealand Dollar
GBP/NZD looks like it is forming a complex wave iv. This pair has been on a strong upward trend since April. Please also note that the RBNZ monetary policy meeting takes place on Wednesday 22th July and they are expected to cut interest rates.

So far price looks like it is dropping as a W X Y double Zig Zag correction. I have labelled waves W X and a of y and b of y.

I can see us coming towards the end of wave c of y. I have labelled waves 1,2 and 3 of c with waves 4 and 5 to come.

I am looking for the correction to stop in the 2.3750 - 2.3660 area. The 1.27 extension of w is at 2.37161 and the 2.618 extension of a is at 2.37114.

I am looking to add to my longs (currently open from 2.3380) in the 2.37 area and am looking for an initial target of 2.4180

Long GBP/NZD @ 2.3815.
Stop 2.3757.
Target 1 : 2.4266
Target 2 : 2.4579
Risk : 58 pips.
Target 1 : 451 pip
Target 2 : 764 Pips
+1 Reply
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