GBPNZD is facing bearish pressure | 07 May 2021

GBPNZD is facing bearish pressure | 07 May 2021 for FX:GBPNZD by FXCM

GBPNZD is facing bearish pressure | 07 May 2021



Prices are facing bearish pressure from our short-term descending trendline resistance, horizontal swing high resistance as well as 100% Fibonacci extension and 61.8% Fibonacci retracement . Prices might push down towards horizontal swing low support and our 2nd target can be the Fibonacci confluence area of 78.6% Fibonacci extension as well as -27.2% Fibonacci retracement . If prices push up further, prices might face resistance from 50% Fibonacci retracement and 161.8% Fibonacci extension . Ichimoku cloud is also above prices, showing a bearish pressure for prices.

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