Technical analysis

GBPNZD Wave Analysis – 19 October , 2018

  • GBPNZD broke support area
  • Further losses are likely

GBPNZD recently broke through the support area lying between the key round support level 2.000 (former powerful resistance from September), support trendline of the daily up channel from August and the 38.2% Fibonacci correction of the upward impulse from August.

The breakout of this support area accelerated the active corrective wave (iv) which belongs to the short-term impulse sequence 3 from August.

GBPNZD is expected to fall further and re-test the next strong support level 1.9600 (which reversed the price in the middle of September).

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