GBPNZD is trading in a downtrend channelGBPNZD
From August 25 this pair has started the downward journey in the channel.
And the trend line is touched thrive and holding as the resistance for the bullish.
After the price reached below the 61.8% Fibonacci retracement broadly it’s touched the 1.97000 psychological level and retested the support zone which is a Previous month’s low 1.97480.
This level will act as the support for the bearish. The first target will be 1.95100 level.
In Elliott wave analysis this pair is going to complete the major wave of 5. Stop lose may place above the minor wave of 02.
On fundamental side the brexit headlines will makes this pair more volatile. And the reserve Bank of New Zealand has recently insisted that they don’t care about the foreign exchange rates. The number of COVID-19 cases are in declining phase this improve the overall economic condition of New Zealand
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Disclaimer
It’s not a financial advice. Do the analyze and take a decision.
