GBPNZD: Long Trade Explained

10 Sep 2020

GBPNZD is trading within a key weekly/daily zone of demand.
this zone is based on a strong horizontal structure + confluence with 618 retracement of the last major leg and a support line of a falling parallel channel on 4h.

on hourly time frame the price stopped falling after a massive selloff and set a higher low forming a double bottom pattern.

now I wait for a bullish breakout 1.949 minor resistance to initiate a long position.

target levels:
1.956
1.96

in case of a new lower low, lower close, setup will be invalid.