FX:GBPNZD   British Pound / New Zealand Dollar
Hello Traders,

Here we have a measured AB=CD 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 Fibonacci cluster (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 bullish MACD 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.

Please feel free to AGREE or DISAGREE with this idea by leaving a comment below. Hit that thumbs up button (top left corner of this chart) if you like the idea. Thank you everyone for all the SUPPORT that you have given me so far, I truly appreciate it. Good luck everyone :)

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Illustration of MACD Bullish Divergence on 4 Hour Time Frame:

Illustration of decrease on volume as the market moves towards the PRZ:
Comment: UPDATE #1: Hello Traders, we have gotten the double bottom formed followed by the break in structure. Also seeing increase in volume as we go higher. Staying with the long position for now :)

Comment: UPDATE #2: Coming close to the minor target level !!
Trade closed: target reached: UPDATE #3: Hello Traders, minor target has been reached. Only two major targets remaining :)
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