GBPNZD LONG TERM EXPECTATIONS

Tendency: Temporary Uptrend (Bullish)
Structure: Harmonics | AB = CD | BUTTERFLY forming | Falling Wedge
Observation: i. impulse XA leg is observed as price drops to point A.
ii. The up wave of AB is a 0.786 retracement of XA.
iii. BC is a 0.886 retracement of AB.
iv. CD falls within a 1.618/2.2.24 extension of AB.
v. Point D is expected at a 1.27 extension of the XA wave to complete the pattern.
vi. Price action accelerates towards Moving Averages on the higher time frames.
vii. In addition to the observation stated above, A rising wedge is observed as price goes through a correction in anticipation of an uptrend.
viii. This correction is peculiar to the forming of a BC leg of a potential AB = CD structure with a 1.272 extension of AB to hit the SUPPLY zone.
Trading Plan: i. BUY now or after completion of correction at DEMAND zone with a potential TP1 and TP2 (1,260pips) and SL @ 1.96000/1.93000 zone.
ii. SELL at SUPPLY zone with a potential profit target depending on where price action reverses from SUPPLY zone.
Risk/Reward: 1/3.5
Potential Duration: 5 to 15 days (Uptrend).

** Please note that Stop Loss is subject to individual risk appetite per trade and account size.

Watch this space for follow up plan on lower time frames as price action is been monitored.

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