Market Snapshots

GBPNZD Wave Analysis 12 October, 2020

GBPNZD Wave Analysis 12 October, 2020

• GBPNZD reversed from resistance area

• Likely to fall to 1.9400

GBPNZD recently reversed down with the daily Evening Star Doji from the resistance area lying between the resistance level 1.700 (top of wave (a)), upper daily Bollinger band and the 50% Fibonacci correction of the downward impulse from August.

The downward reversal from this resistance area stopped the previous short-term ABC correction 2.

GBPNZD is likely to fall further toward the next support level 1.9400 (which reversed the previous minor corrective wave (b)).

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