GBPNZD: Classica and Harmonic Structure Signal Further Recovery

GBPNZD: Classical and harmonic structures signaling additional recovery

Chart Setups:

1- Bullish harmonic pattern.
2- Potential inverse head and shoulders pattern with a confirmation line in the 1.9500 regions.
3- Prices are being carried by SMA20 from the underside.
4- Fibonacci retracement of 23.6% of CD leg was taken out, opening the door up towards 38.2% where the first technical objective of the harmonic structure resides.
5- Vortex and Know Sure Thing indicator reflect the strength of reversal.
6- Neckline is very close to 38.2% Fibonacci.

Buy at current trading levels aiming to beat confirmation line with stop loss at 1.9060. Soft target is at 1.9820 where we can close 50% of the quantity used for long positions, while the main technical target of this setup resides at 1.9960.