Bullish Structure on GBPNZD by ThinkingAntsOk
Use this as a guide to develop your setup:
Main items we can see on the Daily Chart:
a)The price is inside an ascending channel since 2017
b)Inside the channel, we can see a clear Support Resistance Zone and how the price respected several times
c)Currently, the price is above the support zone with a Pennant formation.
d)Pennant Patterns are considered continuation structures, that means that a new motive wave should come after the breakout of the structure
e)Based on that, we expect a continuation of the bullish movement if the price breaks above the Pennant. If that happens, we will be aiming at the higher trendline of the channel as the bullish target.
Main items we can see on the Daily Chart:
a)The price is inside an ascending channel since 2017
b)Inside the channel, we can see a clear Support Resistance Zone and how the price respected several times
c)Currently, the price is above the support zone with a Pennant formation.
d)Pennant Patterns are considered continuation structures, that means that a new motive wave should come after the breakout of the structure
e)Based on that, we expect a continuation of the bullish movement if the price breaks above the Pennant. If that happens, we will be aiming at the higher trendline of the channel as the bullish target.