By: Dima Chernovolov
GBP/NZD continues to fall in the direction of the key support level 1.9430 which was previously identified by Autochartist on the daily charts. Autochartist rates the Significance of this support level at the 5-bar level – which is the result of the five previous price reversals from this price level. GBP/NZD is expected to continue to fall toward the key support level 1.9430.
As can be seen from the daily GBP/NZD chart below – the price earlier reversed down from the resistance area located between the pivotal resistance level 1.9520 (former multi-month low from July) and the 20-day moving average. The proximity of this resistance area increases the probability GBP/NZD will continue to fall toward the key support level 1.9430.