Bullish: GBP/NZD currently at 1.9809 in a third wave. We are looking for a continuation to the ATR level at 1.9900 with a further level at the R6/2.618 Fibo at 2.0019 (the third wave can’t be the shortest).
We have convergence in play for the move. Watch the USDX for direction. The average daily true range (ATR) for the pair is 174 pips, and it’s 180-day average is 183 pips per day. USDX is currently moving sideways.
