Technical analysis

GBPNZD Wave Analysis – 18 December , 2018

GBPNZD Wave Analysis – 18 December , 2018

• GBPNZD reversed from resistance area • Further losses are likely

GBPNZD recently reversed down from the resistance area lying between the pivotal resistance level 1.8600 (former strong support from January and November) and the 50% Fibonacci correction of the previous sharp downward impulse 1.

The downward reversal from this resistance area created the daily Japanese candlesticks reversal pattern Evening Star.

GBPNZD is expected to fall further in the active short-term impulse wave 3 and re-test the next support level 1.8150 (low of the previous impulse wave 1).

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