From Investor to Scalper – series of studies created in cooperation with broker BDSwiss, in which we take a financial instrument and the analysis includes a detailed look at the value from the monthly chart and ending with H1/M15.
GBPNZD since September 2015 year moves down. It is worth noting that in October last year market tested lows that were established in October 1976. There also appeared a strong bullish reaction, but it has not changed the overall attitude of the market.
Looking on daily chart we see that market for eight months is moving in a downward channel. We are now in vicinity of the upper limit coinciding with the local resistance 1.7490 and if only this zone will be rejected, we expect declines and retest of level 1.6750.
On H1 chart we can see that market from last week moves in a consolidation. As a result of today’s growth again we find price in area of its upper limit coinciding with the measuring 61.8% Fibonacci correction. If only this level once again is rejected, we expect a further decline.
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