Categories: Technical analysis

GBPNZD Wave Analysis – 21 July 2023

– GBPNZD reversed from key support level 2.0500

– Likely to rise to resistance level 2.090

GBPNZD recently reversed up from key support level 2.0500, which stopped the earlier corrections iv, 2 and ii .

The upward reversal from the support level 2.0500 created the daily Japanese candlesticks reversal patter Hammer – which continues the active impulse waves 3 and (3).

Given the prevailing daily uptrend, GBPNZD can be expected to rise further toward the next resistance level 2.090 (which stopped the earlier impulse waves 1 and i).

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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Tags: GBPNZD

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