After retesting the ranges of 2.05163 - 2.04871 over the past 4 days it can be said that the range is acting as a strong resistance area for price. This zone has potential to drive price massively downward.
Technical analysis shows that on the Daily timeframe, GBPNZD had been over bought and will likely need a consolidation if price is expected to go further up. If no correction is made, the price is likely to turn strong bearish.
On the 1 to 2 hour RSI, it can be seen that a bearish divergence has formed.
Any thoughts?
Technical analysis shows that on the Daily timeframe, GBPNZD had been over bought and will likely need a consolidation if price is expected to go further up. If no correction is made, the price is likely to turn strong bearish.
On the 1 to 2 hour RSI, it can be seen that a bearish divergence has formed.
Any thoughts?
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Addition: Price on the RSI has just crossed the RSI SMA confirming a price action move downward. If price remains below the RSI SMA till the days end, it means that GBPNZD is turning bearish.