GBPNZD Finds Support in an Uptrend and Makes a Strong Reversal

FX:GBPNZD   British Pound / New Zealand Dollar
37 0 0
In addition to signs of NZD weakness on other pairs, we're seeing this very nice technical setup on GBPNZD: the pair is in an uptrend, but has pulled back to a support level that coincides with a 61.8% Fibonacci retracement level from the recent swing low to swing high. Today's strong bullish candle suggests bulls may be defending this level. As such, I'm set to go long at 2.0032, with my stop at 1.0098 and my target profit at 2.1002 -- a very nice reward/risk of over 6.92.

The largest collection of trading education material on the web:
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out