GBPNZD - Go with the trend

GBPNZD (1H) - short term bullish bias

The uptrend is still intact as the price seems to be finding buyers near the 20-day moving average. The rebound offers short-term traders a chance to go along with the trend at a better price. On the hourly chart, the bullish MA cross following the break of 2.0130 was a signal that a reversal was underway. What we are seeing is the third wave which broke above the key resistance of 2.0230. Should the pair fall back, we would expect the 38.2% (2.0150) Fibonacci level near the MAs to provide strong support.

Key support: 2.0150
Key resistance: 2.0300