GBPNZD Long Position
Since August, price has been consolidating around a significant resistance zone, testing it five times without breaking through. On the sixth attempt, we finally saw a decisive breakout, signaling strong bullish momentum.
Currently, price has pulled back to retest that broken resistance, which now aligns perfectly with the 61.8% Fibonacci retracement level a key area for continuation in trending markets. Additionally, price has respected a rising support trendline while simultaneously retesting a broken resistance trendline from below, giving further confluence to this area as a solid demand zone.
What strengthens the bullish case even more is the clear formation of an inverted head and shoulders pattern, with the neckline already broken and now being retested. This is a classic reversal signal, and the fact that the retest coincides with multiple technical factors gives us a high level of confidence in a potential bullish continuation.
Currently, price has pulled back to retest that broken resistance, which now aligns perfectly with the 61.8% Fibonacci retracement level a key area for continuation in trending markets. Additionally, price has respected a rising support trendline while simultaneously retesting a broken resistance trendline from below, giving further confluence to this area as a solid demand zone.
What strengthens the bullish case even more is the clear formation of an inverted head and shoulders pattern, with the neckline already broken and now being retested. This is a classic reversal signal, and the fact that the retest coincides with multiple technical factors gives us a high level of confidence in a potential bullish continuation.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.