GBP/NZD during the recent days had a descending trend that could record the bottom price of 1.96181. as it is obvious in the picture below, the price by reaching to the long term ascending trend line ( made of 4 bottom prices)has been stopped and the sellers were unable to pass this support line.
According to the formed price movements in the chart, there is a Gartley harmonic pattern between the bottom price of 1.96181 and top price of 2.10508 that warns about ascending of the price with completion of this pattern ending point. Stoch indicator is in saturation sell area in daily time frame that confirms the harmonic D point and warns about changing price direction during the next candles. Generally according to the formed signs in price chart, until the bottom price of 1.96181 is preserved, there is a potential for reformation and ascending of the price in this currency pair.
Technical Analysis of GBP/NZD Dates 2014.11.19
GBP/NZD Technical Analysis
According to the formed price movements in the chart, there is a Gartley harmonic pattern between the bottom price of 1.96181 and top price of 2.10508 that warns about ascending of the price with completion of this pattern ending point. Stoch indicator is in saturation sell area in daily time frame that confirms the harmonic D point and warns about changing price direction during the next candles. Generally according to the formed signs in price chart, until the bottom price of 1.96181 is preserved, there is a potential for reformation and ascending of the price in this currency pair.
Technical Analysis of GBP/NZD Dates 2014.11.19
GBP/NZD Technical Analysis
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