GBPNZD long view

On the daily time frame, we see that the pair has been moving in a bullish trend since the beginning of the year. Following the moving averages, we see that the MA20 and EMA20 made a break above the MA200 and EMA200 as an additional sign of a strong bullish trend. By setting the Fibonacci retracement level, we see that we first jumped out of consolidation at 23.6% level and started at 38.2%, around which we now have the next consolidation. The formation of candlesticks creates a potential flag pattern as additional support for the bullish trend. If we see a break above the 38.2% level, it is realistic to continue 50.0% at 2.01600.