Possible long set-up on GBPNZD.
Recent Daily double bottom at weekly support zone of 1.6850 - which is historical lows for price.
Daily break and retest of the zone with a hammer close on 31/01/2017 signalling bullish intent of price
Daily 61% fib retracement and support
The monthly close was also today and while bearish it shows a strong lower wick rejecting this weekly support of 1.6850
Target is placed around the Daily level of resistance at 1.7700 (initial fib extension will be monitored closely on the daily and my stop will be trailed
Recent Daily double bottom at weekly support zone of 1.6850 - which is historical lows for price.
Daily break and retest of the zone with a hammer close on 31/01/2017 signalling bullish intent of price
Daily 61% fib retracement and support
The monthly close was also today and while bearish it shows a strong lower wick rejecting this weekly support of 1.6850
Target is placed around the Daily level of resistance at 1.7700 (initial fib extension will be monitored closely on the daily and my stop will be trailed