💱 GBPNZD - Waiting for a rebound from support
GBPNZD under market pressure is declining towards the support within the formed range. On the background of the rally, there is a high chance to see a bounce from the support before further decline.
Prerequisites for a rebound and for a fall:
1) We have a downtrend forming within a bearish price channel
2) False break of resistance indicates buying weakness, the market is not ready to change the trend yet.
3) I am waiting for a rebound because of the strong fall, on the background of such a movement, when the price has already passed almost 300 pips, it will not be able to break the level.
4) I am waiting for a bounce from 2.0587 to about the middle of the range, after which the price may return to the support.
Key support: 2.0587
Key resistance: 2.0757, 2.0956
Prerequisites for a rebound and for a fall:
1) We have a downtrend forming within a bearish price channel
2) False break of resistance indicates buying weakness, the market is not ready to change the trend yet.
3) I am waiting for a rebound because of the strong fall, on the background of such a movement, when the price has already passed almost 300 pips, it will not be able to break the level.
4) I am waiting for a bounce from 2.0587 to about the middle of the range, after which the price may return to the support.
Key support: 2.0587
Key resistance: 2.0757, 2.0956
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