FOLLOW UP STRUCTURE | GBPNZD (4H)

This is a follow-up plan on the long term speculation published earlier (see link below for reference purposes);

Tendency: Temporary Uptrend ( Bullish )
Structure: Harmonics | BUTTERFLY | 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 0.5 retracement of AB.
iv. CD is expected to fall within a 1.618/2.2.24 extension of AB.
v. Point D is a 1.27 extension of the XA wave.
vi. We cannot ignore the falling wedge as price converges which is characterized by the presence of buyers coming in to slow the rate of decline in price action.
vii. Anticipating a wedge breakout.
Trading Plan: BUY now or after completion of correction into DEMAND zone with a potential TP1, TP2, TP3 and TP4 (512 - 530pips) and SL @ 1.98000/1.97500 zone.
Risk/Reward: 1/4
Potential Duration: 2 to 7 days.

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


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