Categories: Technical analysis

GBPNZD Wave Analysis – 08 November, 2019

  • GBPNZD reversed from support zone
  • Likely to rise to 2.0400.

 

GBPNZD recently reversed up from the support zone lying between the round support level 2.000 (former monthly high from May and September) and the 50% Fibonacci correction of the previous upward impulse (i) from October.

 

The upward reversal from this support zone started the active short-term impulse wave (iii).

 

GBPNZD is expected to rise further and retest the next resistance level 2.0400 – followed by 2.0500.

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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