BEARISH IDEA ON POUND KIWI DOLLARBearish forecast on Pound/Kiwi
Guys it has been a while, today we came out to you with our Bearish idea on GBPNZD.
Pound has been trading low since Jul 2006, where I noticed falling resistance above the troughs/swings, view on W1.
We have major resistance level daily, and weekly around 2.03166, and it has been tested on 17th Oct 2022.
It bounced to weekly low around 1.95756 and from there I noticed bullish engulfing pattern and double bottom formed at the resistance level of 1.95756.
I expect another retest to the major falling resistance line however if buyers find it easy can break the yearly resistance, but the fact we are trading in a long bearish range, I expect the bearish continuation if sellers manage to drag the price low of the resistance boundary at 1.95756.
If sellers manage to break below the current support Daily TM, then we'll initiate selling to previous support level around 1.88578.
I have detected bearish Harmonic Pattern with BAT setup at the same time, where the previous resistance reached the D which initiated from C&D Leg, with this I expect more selling run to reach at least 60% of D to C leg.
I spotted the raising wedge from the price with 4H TM, which has been broken earlier, if price has to retest the broken falling wedge then we'll have to wait more, and we can expect some bullish run for few hours and days despite the fact we expect bearish movement.
