GBPNZD DAILY ANALYSIS, the bottom trendline is yet to be touched

Mar 7, 2022

First, let us cover some historical points in GBP/NZD's near history. Looking at the chart, we've formed an uptrend channel with a tremendous down movement over the last two weeks. It doesn't surprise us, as the bottom trendline is yet to be touched. The area around 1.90000 seems like a perfect fit for a bounce. Previous lower low could be our potential area of a stop loss. Throughout the next few days, we will see whether the power of the bears has weakened. Look for reversal patterns and catch the wave to the top. TP areas used were previous support/resistance areas.

Use this information at your own risk. This analysis is to point out the high probability key points. For day traders, it is crucial to know the bigger picture. Have fun trading!