GBPNZD Buy signal on a Channel Down.

Jan 5

The GBPNZD pair has had a strong decline since our last sell call (November 24, see chart below) breaking even below the 1D MA200 (orange trend-line):

The price is currently rising after making a Lower Low but not at the bottom of the (blue) Channel Down. For that reason we consider the emergence of a Diverging Channel Down that can break above both the 1D MA50 (blue trend-line) and the 1D MA200.

In any case the probability for a short-term rise is very high as the 1D MACD just completed a Bullish Cross and the last such formation below 0.00 (October 11), pushed the price all the way to the 0.5 Fibonacci retracement level. As a result our target is now 2.05200.

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