Daily Forex Update: GBP/NZD
AutoChartist | Aug 22, 2014 02:50AM ET
Autochartist recently identified the 4-hour Pennant chart pattern on the GBP/NZD charts – as you can see from the following trade alert for this currency pair. GBP/NZD is expected to fall to the target level 1.9654 in the next 2 days. Autochartist set the stop-level for this forecast at 1.9864 (point B). This forecast continues the earlier sharp downward impulse from the resistance zone between the round resistance level 2.0000, the upper daily Bollinger Band and the 50% Fibonacci Correction of the earlier weekly downward impulse from March of 2011.
The weekly GBP/NZD chart below shows the aforementioned resistance levels:
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.