Long Term GBPNZD Bullish Opportunity

There is a long term bullish opportunity in the British Pound / New Zealand Dollar.

A clear 5 wave decline is evident in the GBPNZD from the 2000 top to the 2005 low. After 5 waves in one direction, a countertrend move occurs in 3 waves. From the 2005 low, waves A and B of what is probably a flat are complete. Wave C of the flat is expected to end above the wave A high of 3.0702.

The GBPNZD has formed a base from which to work higher. Ideally, price remains above 2.5726 on its way to a break above 3. On the 60 minute chart, the advance from 2.5726 looks like an impulse and the ensuing decline held at the 61.8% level.

[B]Jamie Saettele writes [I]Forex Technicals: The Day Ahead[/I], Monday-Thursday (published at 6 pm EST), [I]Daily Technicals [/I] every weekday morning (9 am EST), COT Analysis (published Monday mornings), and analysis of currency crosses throughout the week. He is also the author of Sentiment in the Forex Market.[/B]


[B]Contact at <[email protected]>[/B]