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What's next for GBPNZD?
If you take a closer look at our previous week's GBPNZD idea, you can see everything went as planned. Price continued its bearish movement by creating retracement and then an extension. Currently, we could be in another retracement, as a bearish flag is still in formation. Possible turning points would be 31.8, 50 and 61.2%. Right now, the price is at 31.8% of the retracement. The last 4H candle signals uncertainty of the price movement, meaning the next candle could be crucial. Watch out for channel breakouts, be patient for a good pullback, bounce and then enter your position. The first target should be 1,9000.
What's next for GBPNZD?
If you take a closer look at our previous week's GBPNZD idea, you can see everything went as planned. Price continued its bearish movement by creating retracement and then an extension. Currently, we could be in another retracement, as a bearish flag is still in formation. Possible turning points would be 31.8, 50 and 61.2%. Right now, the price is at 31.8% of the retracement. The last 4H candle signals uncertainty of the price movement, meaning the next candle could be crucial. Watch out for channel breakouts, be patient for a good pullback, bounce and then enter your position. The first target should be 1,9000.
