Chart of the Day -GBPNZD- (Nov. 16th 2018)

17th November 2018 Off By binary
Chart of the Day -GBPNZD- (Nov. 16th 2018)

The GBPNZD is oversold as it approaches confluence of supports.

Traders have witnessed the tremendous selling pressure GBPNZD has suffered from, following all the BREXIT headlines and negotiations over the last few weeks. Technically, the pair may have further to go, but we are closing in on some key support as the RSI is deep in oversold territory. The 50% retracement of the Post BREXIT lows in 2016 to the highs of 2018 come in at 1.8589 level, which also coincides with the 2018 lows. In addition, we have a minor 127% extension just below the 1.8500 level. We may want to start thinking about the prospect of a bottoming formation in the coming week(s) for at least a rebound.

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Blake Morrow

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