GBP/NZD Analysis and Trading Idea as of 05/06/2023

GBP/NZD
 

The trend is ascending. The Forex pair is traded in the range between 365 and 135 ЕМА. The descending wave structure is truncated. There is a bullish divergence on the Awesome Oscillator, and the Stochastic Oscillator signals the oversold state.

Trading idea:

Buy at the formation of the uptrend wave structure, where the A wave breaches the sloping channel of the downtrend truncated structure.

Stop-Loss: under the local minimum of the downtrend structure.

Target level: 2.0650, 2.0720.