GBPNZD potential pullback

17 בדצמ׳ 2016

Here we have the monthly chart for GBPNZD showing cloned support and resistance ranges (blue rectangles) and mid range support and resistance (black horizontal lines). This pair could now pullback to the 1.8750 area which is the 38.2% fibonacci retracement level. If this occurs, then this pair could continue its move further lower, more precisely 1.3540 area confluent with -61.8% fibonacci extension completing a monthly AB=CD move.