Welcome to my analysis on GBPNZD If we look back on the DAILY time frame, we can see price was greatly manipulated up to the 2.17500 level, followed my a steady bear run down to 1.90 (3 pips off) The double boom at this level suggests this is a solid support zone. I believe bears are exhausted and bulls are now in control. Following today's bull rally, I expect price to come back down to our 50% FIB Level, before further rising to 2.0000. SL appropriately placed below the lower range boundary.
*NOTE* Keep in mind I plan to hold this trade for a considerable amount of time. Smaller lot size recommended.