JohnKicklighter

GBPNZD Facing a Heavy Confluence of Technical Support

FX:GBPNZD   British Pound / New Zealand Dollar
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8
There is a strong mix of technical support near where GBPNZD closed out this pas week.

A confluence of the 200-day SMA , a five-month trendline and two major Fib retracements all fall around 2.23.

See my full run down of this and other FX trade setups in my weened trading video: https://beta.dailyfx.com/forex/video/dai...

Comments

It's forming bearish ww and may visit 2.16-2.18. Risk event is RBNZ rate deciion. If there is rate cut than extremely dovish tone is required to stop nzd from rally. If no rate cut than nzd will become more strong.
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