GBP/NZD - Bottom in place for the next huge rally

GBP/NZD - Bottom in place for the next huge rally

This is one of the currency pairs I look at from time to time. I have been tracking it more closely lately as we where getting closer to a long term bottom. This bottom was confirmed yesterday with the break above a minor ending diagonal resistance-line (not shown on the chart above). With that break a quick return to the origin of the ending diagonal at 2.1222 is in the cards, but longer term, we should a much stronger rally the ultimately should break above the 2.5000 high seen in August 2015.

Short term support is seen near 2.0670 and again at 2.0620 and the later should be able to protect the downside for a continuation higher towards 2.1222.  

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