Analysis for the GBPNZD currency pair. Let's break down your analysis step by step:
Expected Downward Movement to OB Area (2.04610 - 2.04140):
You anticipate that the price of GBPNZD will decrease to a range between 2.04610 and 2.04140. This is often referred to as the "Order Block" (OB) area in technical analysis, where buying interest is expected to come in.
Anticipated Upward Movement to 2.08440:
After reaching the OB area, you expect the price to rebound and potentially reach 2.08440. This level might act as a resistance or a target for profit-taking.
Subsequent Drop to Weekly Support at 2.01030:
Following the potential rise to 2.08440, you predict another downward movement in price, aiming to reach the weekly support level at 2.01030. This could be a significant level where buyers are expected to enter again.
Weekly Price Update:
You plan to provide an update on these price movements by the end of the week, possibly to reassess or confirm your analysis based on how the market has behaved.
It's important to note that trading predictions are speculative and influenced by various factors, including economic news, geopolitical events, and market sentiment. Always consider using risk management techniques and consult multiple sources of information before making trading decisions.
Expected Downward Movement to OB Area (2.04610 - 2.04140):
You anticipate that the price of GBPNZD will decrease to a range between 2.04610 and 2.04140. This is often referred to as the "Order Block" (OB) area in technical analysis, where buying interest is expected to come in.
Anticipated Upward Movement to 2.08440:
After reaching the OB area, you expect the price to rebound and potentially reach 2.08440. This level might act as a resistance or a target for profit-taking.
Subsequent Drop to Weekly Support at 2.01030:
Following the potential rise to 2.08440, you predict another downward movement in price, aiming to reach the weekly support level at 2.01030. This could be a significant level where buyers are expected to enter again.
Weekly Price Update:
You plan to provide an update on these price movements by the end of the week, possibly to reassess or confirm your analysis based on how the market has behaved.
It's important to note that trading predictions are speculative and influenced by various factors, including economic news, geopolitical events, and market sentiment. Always consider using risk management techniques and consult multiple sources of information before making trading decisions.
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