Categories: Technical analysis

GBPNZD Wave Analysis – 22 November , 2018

  • GBPNZD reversed from key support area
  • Further gains are likely

GBPNZD recently reversed up from the key support area lying between the long-term support level 1.8620 (previous monthly low from January) and the lower daily Bollinger Band.

The upward reversal from this support area started the earlier short-term impulse wave (iii) – which belongs to the multi-month upward impulse sequence from last year.

GBPNZD is expected to rise further and re-test the next resistance level 1.90000 (former strong support from February, March and June).

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The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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