GBPNZD Structural Support| Stochs Cross| Range| Bearish Retest
Today’s Technical Analysis – GBPNZD – respected structural support, a bearish retest of resistance is likely.
Points to consider,
- Structural support confluence
- Resistance range
- RSI cooling of f
- Stochastics buy cross
- Volume below average
GBPNZD is in a defined downtrend with consecutive lower highs. The structural support is in confluence with the 1.414 Fibonacci Extension, price has bounced of this area.
Structural resistance is the initial target of this range; a bearish retest will put in another lower high.
The RSI is cooling off from oversold conditions whilst the stochastics has a valid buy cross, momentum is shifted up.
Volume is currently below average, an influx is likely as price trades closer to structural resistance.
Overall, in my opinion, GBPNZD has respected support; a bearish retest of structural resistance will establish another lower high. It is important to monitor how price action forms as this will help with the directional bias.
What are your thoughts?
Please follow me on twitter for live updates!, link in bio :)
And remember,
“However, market analysis is not the path to consistent results. It will not solve the trading problems created by lack of confidence, lack of discipline, or improper focus.”
― Mark Douglas
Points to consider,
- Structural support confluence
- Resistance range
- RSI cooling of f
- Stochastics buy cross
- Volume below average
GBPNZD is in a defined downtrend with consecutive lower highs. The structural support is in confluence with the 1.414 Fibonacci Extension, price has bounced of this area.
Structural resistance is the initial target of this range; a bearish retest will put in another lower high.
The RSI is cooling off from oversold conditions whilst the stochastics has a valid buy cross, momentum is shifted up.
Volume is currently below average, an influx is likely as price trades closer to structural resistance.
Overall, in my opinion, GBPNZD has respected support; a bearish retest of structural resistance will establish another lower high. It is important to monitor how price action forms as this will help with the directional bias.
What are your thoughts?
Please follow me on twitter for live updates!, link in bio :)
And remember,
“However, market analysis is not the path to consistent results. It will not solve the trading problems created by lack of confidence, lack of discipline, or improper focus.”
― Mark Douglas