GBPNZD: Traced out an inverse H&S pattern
GBPNZD strengthened overnight and extend the gains on Thursday Asia session. Protracted buying triggered a break of resistance 1.8500 and the neckline at 1.8600 confirming the upside sentiment through the inverse H&S pattern. The pattern target is aiming at 1.8880, note that next resistance seems at 1.8750/1.8770 above here 1.8880 could possible.
The daily indicators suggest higher prices in the near term.
Supports located at 1.8600, 1.8490 and 1.8390.
The outlook remains extremely favourable for the cross, which has already rebounded strongly since testing the support at 1.8400. On top of the bullish technical indicators the cross has closed above 20MA for the first time since mid-October and erased the two-month descending trendline.
The daily indicators suggest higher prices in the near term.
Supports located at 1.8600, 1.8490 and 1.8390.
The outlook remains extremely favourable for the cross, which has already rebounded strongly since testing the support at 1.8400. On top of the bullish technical indicators the cross has closed above 20MA for the first time since mid-October and erased the two-month descending trendline.