Technical analysis

GBPNZD Wave Analysis – 15 August, 2022

GBPNZD Wave Analysis – 15 August, 2022

• GBPNZD reversed from support area

• Likely to rise to resistance level 1.9075

GBPNZD currency pair recently reversed up sharply from the support area lying between the key multi-month support level 1.8775 (which stopped wave (1) in April) standing outside of the lower daily Bollinger Band.

The upward reversal from the support level 1.8775 will form the daily candlesticks reversal pattern Bullish Engulfing – if the pair closes today near the current levels.

Given the still oversold daily Stochastic, GBPNZD can be expected to rise further toward the next resistance level 1.9075 (former monthly low from May and July).

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