GBPNZD facing bearish pressure, potential for further downside!


Prices are facing bearish pressure from horizontal swing high resistance, in line with 127.2% Fibonacci retracement and 127.2% Fibonacci extension. Prices might push down towards 1st support in line with horizontal swing low support which coincides with 61.8% Fibonacci retracement and 61.8% Fibonacci extension. If prices push up further, prices might face resistance from horizontal pullback resistance in line with 61.8% Fibonacci extension and 61.8% Fibonacci retracement. Stochastics is facing resistance from 90.29 level, potential for further downside.

Trading Recommendation

Entry: 1.93342

Reason for Entry:

Horizontal swing high resistance, 127.2% Fibonacci retracement, 127.2% Fibonacci extension

Take Profit: 1.92320

Reason for Take Profit:

Horizontal pullback support, 61.8% Fibonacci extension, 61.8% Fibonacci retracement

Stop Loss: 1.93731

Reason for Stop Loss:

Horizontal pullback resistance, 61.8% Fibonacci retracement, 61.8% Fibonacci extension

The material has been provided by InstaForex Company -