GBPNZD: Reversal in Place, Negative Outlook Intact

Less than two weeks ago, GBPNZD was hovering near 1.9160, following a recovery from as low as 1.8127. After a 10-figure rally in just a month and a half, the bulls were getting more and more confident in their ability to keep pushing the pair higher. Unfortunately for them, the market was already sending a…

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GBPNZD: A Bearish Elliott Wave Cycle is Worrisome

Three weeks ago, GBPNZD was hovering around 1.8900, but the Elliott Wave principle suggested the recovery from 1.8125 was “far from over.” A three-wave pullback was supposed to occur, followed by another rally towards the resistance area between 1.9250 – 1.9630. The chart below, published on January 2nd, explains. The recovery from 1.8125 looked like…

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GBPNZD ‘s Elliott Wave Recovery Far from Over

A month ago we shared our view that despite being long-term bearish on GBPNZD, we thought it was time for a notable recovery. While the pair was hovering around 1.8400, the market was sending a message that a recovery to roughly 1.9000 was around the corner. As always, this message had nothing to do with…

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GBPNZD: Support Ahead, Downtrend Still in Progress

On November 2nd, GBPNZD was trading above 1.9550. As of this writing, the pair is hovering slightly below 1.8400, meaning the British pound lost over 1150 pips against the New Zealand dollar in a single month. Fortunately, the Elliott Wave Principle put traders ahead of this sharp selloff. The chart below, published on November 5th,…

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GBPNZD: Pressure Mounts with Reversal in Place

GBPNZD has been in recovery mode for the past two years. The pair took off from 1.6705 in November 2016 and climbed to as high as 2.0470 in October 2018. The pound’s rally may seem counter-intuitive on the back of Brexit concerns in the United Kingdom, but that won’t be the first time the market…

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GBPNZD Aiming at 1.8000. Here is the Reason

GBPNZD almost reached 1.8000 a month ago, but the bulls ran out of fuel a fraction of a pip lower. Then the bears took the torch to drag the pair as low as 1.7212 as of today. However, instead of selling after e decline of almost 590 pips, we believe the buyers are ready for…

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