Forex Signals

GBPNZD Looking for Upward Incorporations


The GBPNZD cross, in its hourly chart, shows the advance in a wave B of Minor degree labeled in green. From the upward sequence, we observe that the bullish corresponding to wave ((c)) of Minute degree identified in black, remains in progress.

The current non-directional movement suggests the possibility of a new limited retrace, which could reach the level 2.0803, from where the price could give us the opportunity of new bullish incorporation following the upward bias of wave ((c)).


A bullish position will activate if the price retraces and closes above 2.08035. Our potential target locates at 2.10615 from where the wave B could complete its three-wave structure. 

The level that invalidates our upward scenario locates at 2.07078.


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By Eduardo Vargas

Eduardo Vargas is a technical analyst and independent trader based in Buenos Aires, Argentina. He is an Industrial Engineer and holds a Master in Finance degree. In 2008 began to trade Chilean stocks listed on IPSA. From 2013 started to trade CFDs on Forex, Commodities, Indices and ETFs markets. He analyses different markets combining the Elliott Wave analysis with Fibonacci tools. He provides a market mid-long-term vision.

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