Daily Price Action

GBPNZD: Next 800-Pip Move to Materialize Below 1.90


In my last GBPNZD post on June 19th, I wrote about two key levels that would play a role this month.

The first was 1.9400 resistance, and the second was 1.9000 support.

At the time of that post, GBPNZD had just broken below the 1.9400 level, so it was logical to assume that area would attract sellers.

Sure enough, it did just that between the 24th and 25th of June.

GBPNZD support flip to resistance
GBPNZD daily time frame

We also saw GBPNZD bounce from that 1.9000 support area.

However, as I told members at the end of the June 19th video, I expected channel support near 1.9000 to fail eventually.

That brings us to today’s price action.

As you can see from the chart below, GBPNZD is once again pressuring the 1.9000 region.

But can it close the day below that area?

We’ll see.

To be more specific, I would put the bottom of that channel closer to 1.9070.

If sellers can break that area, there isn’t much to prevent a run at 1.8280.

That’s especially true when we view the price action over the last few years.

GBPNZD weekly time frame

Even a look at the last twenty years shows GBPNZD in a massive downtrend.

All of this leaves me relatively bearish on GBPNZD.

However, sellers still need to close the pair below that 1.9070 area on a daily and weekly closing basis to trigger the next leg lower.

Key support, as mentioned above, comes in at 1.8280.

Want to watch the GBPNZD video I just released in the member’s area?

Get a Lifetime Membership Today and receive exclusive member-only content including one to two new videos every day. Save 40% in July!

GBPNZD daily time frame

Leave a Comment:

Justin Bennett says

Want me to help you become a better Forex trader?

Get a Lifetime Membership to Daily Price Action today and receive access to Justin’s full price action course, dozens of forums with over 3,000 members, daily videos of trade ideas, direct access to Justin, and much more!

Save 40% on a lifetime membership in July!

Matthew Todorovski says

Trend is your friend. Yes, looks to continue the downtrend.

    Dennis Barton says

    Untill it hits the bend in the end

Joshua says

Its great learning from your analysis thanks

Hamza says

Thanku dear

Joyce Wambui says

Thanks relly helping

Samuel says

Thanks for the up dates please.

Kayode Oduntan says

Very educative to a neophyte like myself. Still learning how to fix trendlines accurately

Add Your Reply