GBPNZD Wave Analysis – 03 February, 2020

GBPNZD reversed from resistance area
Likely to fall to 2.0000

GBPNZD recently reversed down sharply from the resistance area lying between the key resistance level 2.040 (top of the daily Shooting Star) and the upper daily Bollinger Band.

The downward reversal from this resistance area stopped the earlier short-term impulse wave (iii).

Given the overbought daily Stochastic – GBPNZD is likely to fall further toward the next round support level 2.0000.

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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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