Chart Of The Day: Failure To Sustain Pullback Indicates GBPNZD’s Downturn

January 11, 2017 06:22

While 1.7470-80 successfully tamed GBPNZD's pullback from 1.7360-70 horizontal-line, the pair becomes more likely to revisit 23.6% Fibonacci Retracement of its July – November decline, at 1.7250, ahead of challenging the 1.7170 support. During the quote's additional weakness below 1.7170, the 1.7000 round figure may act as intermediate halt prior to dragging prices to 1.6950 and 1.6860 rest-points. In case if Bears dominate the pair momentum below 1.6860, chances of its plunge to November lows, around 1.6700, can't be denied.

Alternatively, a clear break of 1.7480 might trigger fresh north-run on the part of the pair towards 38.2% Fibo level of 1.7600 and then to 1.7700 resistances. Given the prices manage to surpass 1.7700 on a daily closing basis, the 1.7780 is likely a small barrier during its upward trajectory to challenge 1.7945-55 resistance-line.

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