GBP/NZD: The cross has been enjoying 1year bull ride from a low of 1.7704. Previously, the cross gave an inverse bullish head and shoulder break in the weekly chart. The weekly target is almost completed. The cross has been consolidating between 1.9238 and 2.1050 for 7 months. On the weekly chart, the cross has been forming higher lows and lower tops. Today, after the RBNZ rate announcement, the cross gave an inverse bullish head and shoulder pattern targeting 2.0500.
The cross edged higher, made the double bottom at 1.9300 that was a low back in April 21 and changed the direction. Today, the cross has opened on a bullish bias trading at 2.0254 compared to 2.0072. Currently, the cross is trading at a 5-week high. In all time frames, the near and medium-term trends favor buyers. In the near term, we expect bulls to challenge 2.0500. Traders can buy above 2.0350 with targets at 2.0500. Ahead of the UK election, we expect wild moves in coming days. Only lion hearts can trade in this cross.
Trade: Buying above 2.0350