Here we have a measured move that is very close to its completion point in FX:GBPNZD on the Daily time frame. Do note that the market is currently sitting very close to the Potential Reversal Zone (PRZ) which is made up of (Fib extensions and retracement). There is no clear structure present at this potential reversal zone. The stop loss has been placed below the potential reversal zone (prz), with three targets labelled on the chart above. The first target is a minor one since no structure is present to support the 38.2% Fib level. The second and third targets are major one due to the presence of strong structure levels at both 50% and 61.8% Fib levels, respectively.
NOTE #1: We are seeing divergence on the 4 hour time frame (see the chart below this description). But this will only become relevant once we start to see new higher highs and higher lows being formed on the lower time frames (i.e. 1 hour) and later on the higher time frames (i.e. 4 hour).
NOTE #2: Do keep in mind that the overall trend on this pair is still to the downside, at least based on the daily time frame. So stay conservative with your targets and don't take this long opportunity as a buy and hold for as long as possible.
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Illustration of on 4 Hour Time Frame:
Illustration of decrease on as the market moves towards the PRZ: