GBPNZD: time for a dive?
The careful analysis of the hourly chart points to 2.0060 as an important support while 2.0105 stands as the immediate resistance.
A break of either will be expected to result in a significant move. Breaking below 2.0060 could very much pull the price lower towards 1.9971 then 1.9906. A break below this last level will be a significant momentum changer, amplifying the bearish efforts. In this case, 1.9738 & 1.9575 will not be as far as they seem to be.
On the other hand, a break above 2.0105 will be a sign that the uptrend is resuming, and higher levels will follow. Under this scenario 2.0271 & 2.0474 will become probable targets.
Good Trading & Good Luck!
Munther T. Marji CMT
A break of either will be expected to result in a significant move. Breaking below 2.0060 could very much pull the price lower towards 1.9971 then 1.9906. A break below this last level will be a significant momentum changer, amplifying the bearish efforts. In this case, 1.9738 & 1.9575 will not be as far as they seem to be.
On the other hand, a break above 2.0105 will be a sign that the uptrend is resuming, and higher levels will follow. Under this scenario 2.0271 & 2.0474 will become probable targets.
Good Trading & Good Luck!
Munther T. Marji CMT
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