GBP/NZD is trending downwards although it found strong support near 1.7670 level. Nevertheless, the descending channel has made correction up, so the pair formed a bearish divergence on MACD. This means that the downtrend remains valid especially after the breakout of the 38.2% Fibs applied to the channel breakout.
Currently GBP/NZD could correct up and if it does, the good entry point to go short is around 50% Fibs level (1.7785) to target 23.6% Fibs (1.7530). The stop loss should be just above 61.8% Fibs (1.7900).
Support: 1.7670, 1.7530, 1.7300
Resistance: 1.7785, 1.7900
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
GBP/NZD is trending downwards although it found strong support
near 1.7670 level. Nevertheless, the descending channel has made correction up, so the
pair formed a bearish divergence on MACD. This means that the downtrend remains valid especially after the breakout of the 38.2% Fibs applied to the
channel breakout.
Currently GBP/NZD could correct up and if it does, the good
entry point to go short is around 50% Fibs level (1.7785) to target 23.6% Fibs
(1.7530). The stop loss should be just above 61.8% Fibs (1.7900).
Support: 1.7670, 1.7530, 1.7300
Resistance: 1.7785, 1.7900
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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