Home Forex Market Analysis Forex Signals GBPNZD Looking for Upward Incorporations

GBPNZD Looking for Upward Incorporations

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Description

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.

Chart

Trading Plan Summary

  • Entry Level: 2.08035
  • Protective Stop: 2.07078
  • Profit Target: 2.10615
  • Risk/Reward Ratio: 2.7 to 1
  • Position Size: 0.01 lot per $1,000 in account.

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