Here is the Top-Down Analysis of GBPNZD (Monthly, Weekly, Daily for direction and 4H for entry) for
Week 44 - 26 Oct
M > Market is moving in a rising channel. Price reached support of channel coinciding with monthly support, faced rejection and started upward move creating a double bottom.
W > Price pulled up till 0.618 Fib level on last...
The cycle in wave (W) ended at 2.0566 where the 4 hour is turning down. While below the 1.9839 highs where the hourly is turning down the pair can continue lower again to correct the cycle up from the 12/12/2018 lows.
The pair has formed an inverted head and shoulder patttern on daily basis. The prices are at the bottom of the second shoulder and is supported by 21 days EMA. Buy the pair as soon as the prices sustain above the necline at 1.93541 i.e. a daily closing above this level. The price may hover between the height of the second shoulder which is a good sign before a...