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GBP/NZD: Possible turn of the short term movement to long

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GBP/NZD:
Our expectation: The up move is more likely from here, after the price formed a solid horizontal support around the level of 1.7660-1.7700.  At the moment it is possible that we will see a bullish Engulfing bar at this strong horizontal support and the movement might continue going up. The price is close to diagonal support as well. SL: 1.76500

Alternative scenario: Break below the level of 1.76500 and below the horizontal support will cancel the bullish view. If we see the price trades below the level then it might mean that this is a break of flag formation and the short will be more likely.

Comment: Formed a multiple bottom, Fibo 50% correction, Engulfing bar at horizontal support.        50 SMA is above the 200 SMA still in bullish formation.

DeMarker is in the lower part of its range and turning up in support of our expectation for possible long.

Trader - S. Fuchedzhiev


 Varchev Traders

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