GBPNZD Wave Analysis – 26 February, 2020

GBPNZD reversed from powerful resistance level 2.055
Likely to fall to 2.0380

GBPNZD recently reversed down from the resistance area lying between the powerful resistance level 2.055 (which stopped the sharp uptrend in October) and the upper daily Bollinger Band.

The downward reversal from this resistance area stopped the previous short-term impulse wave (iii).

Given the overbought daily Stochastic and the strong Sterling bearishness seen today – GBPNZD is likely to fall further toward the next support level 2.0380.

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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