FX.co ★ GBPNZD approaching first support, potential for a bounce!

Price is approaching our 1st support, in line with our 61.8% Fibonacci retracement, 100%, 61.8% Fibonacci extension and horizontal pullback support. We could potentially see a bounce and further upside towards our 1st resistance at 1.94184, in line with our 50% Fibonacci extension and horizontal swing high resistance. Price is also holding above the Ichimoku cloud, showing bullish pressure in line with our analysis.

Trading Recommendation

Entry: 1.93350

Reason for Entry:

61.8% Fibonacci retracement, 100%, 61.8% Fibonacci extension and horizontal pullback support

Take Profit: 1.94184

Reason for Take Profit:

50% Fibonacci extension and horizontal swing high resistance

Stop Loss: 1.92655

Reason for Stop Loss:

127.2% Fibonacci extension and horizontal swing low support