The GBPNZD 50% retracement from the last major move appears to be holding. Indicators are suggesting oversold values and weakening bullish pressure. The red rectangle is the projection based on the 50% retracement.
A pending sell order has been place a few pips below today's low at 1.748. SL is safely above the highs of this retracement.
GBPNZD likes to make big moves so be ready for a roller coaster ride.
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GBPNZD came very close to triggering the sell order by missed and made a small move higher. The setup is still valid but the trade will not take place until next week.
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Still waiting
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Still waiting . . .
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Price finally triggered the entry about a month later than anticipated. Nevertheless, it finally happened and is curently up a couple hundred pips.