GBP/NZD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Being unable to recover past 2.3660 GBP/NZD turned around and is now in a distinct down-trend. The current upward correction within the channel is to stop at 2.26 (weekly PP and falling resistance line) and to give way for a new bearish wave with the objective at 2.2150, a solid demand level created by the lower boundary of the channel together with the weekly S1 and monthly S2. Alternatively, should the currency pair surge through 2.26, there will be no significant resistances until 2.29 (weekly R1), and we may well see a test of the 200-period SMA, Nov 29 high and monthly pivot point. Meanwhile, the sentiment is bullish, being that 59% of open positions are long.
© Dukascopy Bank SA
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