GBPNZD Analysis

3 thg 5, 2020

After a +400 pip recovery on GBPNZD, price advanced towards 2.07000 a strong previous resistance. From this area we've seen a bearish engulfing candlestick and strong rejection from this area. If sterling is retracing and banks are pushing price lower in order to reload buy at better prices then we could expect price to enter into our highlighted area before accumulating buys and to continue the bullish rally. Alternatively, price could continue to push lower through the key fib levels and test support again. From a technical perspective price is still in a downtrend unable to create higher highs so it will be interesting to see how price reacts from our key zones.