Potential impending up move on GBPNZD
Price currently sits on area of weekly S&R and seems to be respecting it as support
Also, CTL on daily is approach the downtrend line on Weekly which looks to be forming a triangle formation - with possibility of price breaking out to upside - price currently has bounced from the resistance
A Fibonacci on the 4 hour shows a retracement from the up trend move to the 50% level which is confluent with the weekly S&R level and price is respecting this support
On the 60 minute chart, a CTL is plotted with 3/4 touches.
Watch for price to move back to this CTL and break it before entering long to target one at the 0% Fib level which is also historical support and resistance.
Price currently sits on area of weekly S&R and seems to be respecting it as support
Also, CTL on daily is approach the downtrend line on Weekly which looks to be forming a triangle formation - with possibility of price breaking out to upside - price currently has bounced from the resistance
A Fibonacci on the 4 hour shows a retracement from the up trend move to the 50% level which is confluent with the weekly S&R level and price is respecting this support
On the 60 minute chart, a CTL is plotted with 3/4 touches.
Watch for price to move back to this CTL and break it before entering long to target one at the 0% Fib level which is also historical support and resistance.