GBPNZD Ascending Channel Monthly S/R .50 Fibonacci|200WMA

17 בספט׳ 2020

Evening Traders,

Today’s analysis – GBPNZD – market structure holding bullish with consecutive higher low and higher high projection,

Points to consider,
- Ascending channel (HH’s & HL’s)
- Support confluence
o Market Structure
o 200 WMA
o .50 Fibonacci
o Channel Support
- Resistance ( Channel Median)
- Oscillators Divergence
- Bullish Price Action

GBPNZD is trading in an ascending triangle channel establishing structural higher lows and higher high. This allows us to have a bullish bias on the market.

There are many technical confluences coming in as support for the price, thus proving to be a true trade location. The market structure is looking for a higher low projection, with channel support, the 200WMA and .50 Fibonacci, a bounce here is probable

The immediate resistance is in confluence with range median, price is likely to test that level and consolidate.

The RSI has a valid bullish divergence, this in indicative of strength in the market. With bullish price action and market structure, GBPNZD is likely to establish a higher low here.

Long trades are valid with defined risk, price action is to be used upon discretion/ management if trade.

Hope this analysis helps!

Thank you for following my work!

And remember,

“Don't blindly follow someone, follow market and try to hear what it is telling you.” ― Jaymin