GBPNZD resumes the decline– Analysis – 20-10-2021

GBPNZD price formed a new bearish wave to settle below 1.9315 level, which forms the neckline of the inverted head and shoulders pattern, and that reinforces the domination of the bearish track, to expect forming a strong bearish attack, to target 1.9160 level reaching the initial support at 1.9065.

Stochastic fluctuation within the oversold level supports our negative expectation by providing extra negative momentum, to ease the mission of reaching the suggested targets.

The expected trading range for today is between 1.9310 and 1.9190

The expected trend for today: Bearish.