Triangle on GBPNZD Points Higher - Elliott Wave analysis

19 Jul 2018

We are tracking a EW triangle, complex correction on the daily time frame of GBPNZD. A triangle is a complex, five wave pattern which moves within two contracting or expanding channel lines, and also unfolds prior to the final leg. This means, once our bullish triangle fully unfolds, a new recovery into higher degree wave C, above 1.9610 level may follow. At the moment, we see leg E) of a triangle looking for support, ideally around the Fibonacci ratio of 50.0/61.8.

9 Ogo 2018

Nota

Nice bounce from the lower side of the range. Wave (E) found support? More upside in view, especially if breaks above 1.9610 region, which would confirm a completed bullish triangle. Just be aware of pullbacks! #gbpnzd #bullish #elliottwave

10 Sep 2018

Nota

As expected after almost 2months, GBPNZD finally broke out of a triangle into new highs! Do you know how far it can go now?! Our minimum expectation is 2.03, but there can be room even towards 2.20!! #gbpnzd #bullish #elliottwave

17 Sep 2018

Nota

GBPNZD broke out of the triangle which started in 2017. Price can now have room for 2.0600 area.