GBP/NZD: trade opportunities
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Trade ideas
SELL 0.8815; TP1 0.8750; TP2 0.8700: SL 0.8850
BUY 0.8905; TP 0.8980; SL 0.8880
GBP/NZD has been correcting up since the middle of December. The pair formed an inverted “Head and Shoulders” pattern, the targets of which lie around 0.8980/0.90. This is the area where the pair will also meet resistance of the declining 50-day MA.
On H4, the pair formed what looks like bearish “Three drives” pattern and may correct down to 0.8750/00. At the same time, a break above the short-term resistance at 0.8900 will let the pair to reach its targets at 0.8980/0.90.
