Technical analysis

GBPNZD Wave Analysis 27 October, 2020

GBPNZD Wave Analysis 27 October, 2020

• GBPNZD falling inside impulse wave 3

• Likely to reach 1.9350

GBPNZD continues to fall inside the impulse wave 3 which started earlier from the resistance area lying between the key resistance level 1.9740 (former support from August), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp downward impulse wave 1.

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

GBPNZD is likely to fall further toward the next support level 1.9350 (low of wave (b) from the middle of October).

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