It came real close to complete the pattern shown in the chart but failed to trigger my short entry as it was stopped by the 61.8 Fib level (from August's spike)
The 2.4 was recognized as last week's focus zone on last week's Weekly Markets Analysis newsletter.
Now, as $GBPNZD settled above 2.43, this zone become this week's and potential buy zone for a continuation trade towards 2.47 and the completion of the .
2.43 is, as clearly shown from the chart, a structure zone and in addition, the 50 line should also provide support that may help push $GBPNZD towards the target level
The required stop loss for the scenario is quite wide (200-300 pips), but so does the potential reward (up to 400 pips)
You can try to find smaller reversal patterns on smaller time frames near 2.43 that will allow a tighter stop loss.
The interesting scenarios for this pair is if and when the pair will complete the .
$GBPNZD is overbought ( ) with divergence and 2.47 might just be the pattern that will end its huge run.
Just look at the great R/R you get for the scenario - Definitely worth waiting.
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