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GBPNZD continues to carve out new lows on the back of the wedge break that occurred on January 6th. Since breaking that support level, the pair has lost more than 400 pips.
We were initially watching 1.9618 and 1.9360 for support, however neither level produce much buying. In fact the pair sliced through both levels in three short days.
Now that we’re below the 1.9360 level, we can look for selling opportunities to ride this market down to the next support zone of 1.8990. That gives us a 370 pip area to work with.
A retest of 1.9360 as new resistance would be ideal, however I have my doubts whether or not the market can reach that high.
I’m short from 1.9340 based on yesterday’s one hour bearish rejection of the 1.9360 key level.
Summary: Watch for bearish price action while below 1.9360. A retest in this area could set up a short opportunity for a ride down to key support at 1.8990.
AUDNZD analysis
