NZD/JPY falling inside minor impulse wave C Next sell target - 76…
GBP/NZD rising inside minor impulse wave 3
- GBP/NZD rising inside minor impulse wave 3
- Next buy target - 2.0000
GBP/NZD continues to rise inside the minor impulse wave 3, which today broke through the resistance level 1.9600 (which was set as the buy target in our previous forecast for this currency pair). The price earlier broke through the resistance level 1.9470, intersecting with the resistance trendline of the daily up channel from 2016. GBP/NZD is expected to rise toward the next buy target at the next round resistance level 2.0000 (target for the completion of the impulse (iii)).
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.