GBPNZD Analysis - August 4, 2019
GBPNZD Technical Analysis:
1) Current price at a support level.
2) Current price at 71 fib level of previous major swing low.
3) Price at a significant daily trend line, possible rejection.
4) Multiple upper shadows, pushing price down around trend and resistance. Possible momentum shift.
5) ABCD pattern forming, D formation may form. Equal length of movement would bring price down to 1.272 area which is a previous major support level.
6) If price does not come down all the way, a double bottom may form, indicating an inverted right shoulder as well for price to push to the upside.
7) Price may break trend and retest and move higher, but I find this unlikely has pushed so low we will need to see some time of confirmation towards previous support on the daily.
Disclaimer - This is just an analysis, Not a trade signal :)
1) Current price at a support level.
2) Current price at 71 fib level of previous major swing low.
3) Price at a significant daily trend line, possible rejection.
4) Multiple upper shadows, pushing price down around trend and resistance. Possible momentum shift.
5) ABCD pattern forming, D formation may form. Equal length of movement would bring price down to 1.272 area which is a previous major support level.
6) If price does not come down all the way, a double bottom may form, indicating an inverted right shoulder as well for price to push to the upside.
7) Price may break trend and retest and move higher, but I find this unlikely has pushed so low we will need to see some time of confirmation towards previous support on the daily.
Disclaimer - This is just an analysis, Not a trade signal :)