Daily Forex Update: GBP/NZD

By: Dima Chernovolov

GBP/NZD continues to rise after the earlier breakout of the Key Resistance level 1.8827, which was recently identified by Autochartist on the 4-hour charts. Autochartist rates the Significance of this key level at the 5 bar level – which is the result of the five earlier price reversals from this price level. GBP/NZD is expected to rise toward the forecast price 1.9014 – continuing the active daily impulse wave from the start of the year.

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As can be seen from the daily GBP/NZD chart below, the breakout of this Key Resistance level continues the active sharp daily impulse wave – which earlier broke through the resistance zone lying between the resistance level 1.8330 (which reversed the pair in September) and the resistance trendline of the daily up channel from November. The strength of the active daily impulse wave increases the probability GBP/NZD will continue to rise toward forecast price 1.9014.

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