- September 28, 2022
- Posted by: Tradingshot Articles
- Category: Forex
The GBPNZD pair has been following exactly our trading plan since our last update a month ago, getting rejected on the 1D MA200 (orange trend-line) and hitting the Higher Lows zone of the long-term Triangle pattern that it has been trading in since the April 02 2020 High:
Following the initial rebound after the August 12 Low, the price broke above the 1D MA50 (blue trend-line) confirming the bullish break-out sentiment. This may be the perfect opportunity for those who missed it earlier. Our long-term target for the end of the year is just below the 0.786 Fibonacci retracement level at 2.010. Those who seek more risk, there is also the Symmetrical Resistance if the Triangle breaks to the upside.