The market has been consolidating for weeks in a rising wedge pattern. Price is now trading at the upper trendline. Since the Non Commercial traders are heavily long on the Pound in the Commitment of Traders report, its likely that a bullish trend is on the way in GBPNZD. The best strategy here would be to wait for the breakout and retest before buying.
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Look at that ! BEAUTIFUL BREAKOUT !
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150 PIPS FLOATING ON THE BREAKOUT !. A retest should happen anytime now for another buying opportunity.
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Look at that ! Simple support, resistance and breakout analysis ! 300 PIPS ON BREAKOUT !
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400 PIPS FLOATING !
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450 PIPS FLOATING !
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GBPNZD in a short term consolidation on the faster TF before another bull run !
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The market is retesting the 2.1150 broken resistance, another opportunity to buy and join the trend !
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2.1150 broken resistance being retested !
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Strong rejection at the 2.1150 resistance (now support). The daily candle also closed as a bullish engulfing pattern !
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The uptrend resumes on the Daily TF !
Thedeveloper