NoCeilingsTrading

Buying Retracement on GBPNZD

Long
FX:GBPNZD   British Pound / New Zealand Dollar
  • Price has been moving in a down trend the previous days.

Now with the new low price has formed, and a break of the previous low, I am expecting price to make a retracement and ultimately form another lower high.


Once price broke past the previous low and closed outside of the trend line , price found support at the demand level .

If you move to the 4 hour time frame it appears that a double bottom may be trying to form which will be the catalyst for the move to the upside .

Price will either meet resistance at the previous low which is also the 38.2 fib level or i can see price retracing to the golden area 50.0-61.8 fib level finding support, and possibly transition to a major uptrend.


There also appears to be bullish divergence .

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