FX.co ★ GBPNZD approaching ascending trendline! Potential for a bounce!

Price is facing bullish pressure as it continues to hold above the ascending trendline and Ichimoku cloud support, in line with our bullish bias. We could potentially see a bounce at 1st support, which is in line with 61.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support, and further upside towards 1st resistance, in line with 61.8% Fibonacci extension and horizontal swing high resistance.

Trading Recommendation

Entry: 1.97019

Reason for Entry:

61.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support

Take Profit: 1.97718

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1.96725

Reason for Stop Loss:

100% Fibonacci extension and horizontal swing low support