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Chart Of The Day: GBPNZD Struggles To Extend Upside October 12, 2017

Oct 12 2017, 04:03 PM (+06) |


Even if seven-week old ascending trend-line continue indicating GBPNZD's upside, the pair repeatedly finds it difficult to surpass the 1.8690–1.8700 resistance-region that in-turn signals brighter chances of the quote's pullback towards 1.8550 prior to re-testing the TL support mark of 1.8470. In case if the pair drops below 1.8470, the 1.8380 might offer an intermediate halt during its south-run to 1.8310–1.8300 region which if broken could further weaken it to plunge in direction to 1.8170 and the 1.8100 support-levels.

Alternatively, a clear break of 1.8700 may push the pair to challenge the September high around 1.8740 and then to the 61.8% FE level of 1.8835. Moreover, pair's additional advances beyond 1.8835 could open the door for its upward trajectory to 1.8870 and then to the 2017 high of 1.8960 ahead of aiming the 1.9000 psychological-magnet.

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