GBPNZD: Key Levels That You MUST Consider (Structure Analysis)
GBPNZD is currently approaching a strong weekly structure.
because the pair is very volatile and can boom and bust very quickly,
here are the key levels that you must consider trading this market:
Support 1 - 1.905 - 1.915
this structure is based on the current year's low and price action of 2019th.
the market is currently testing that area, so look for long opportunities on lower time frames.
Support 2 - 1.84 - 1.854
this structure is based on 2018's and 2019's structure lows.
though the market dived deeper testing theses levels,
weekly candles have perfectly closed within the above-mentioned zone.
Resistance 1 - 1.945 - 1.955
this structure is based on 2019's price action.
in case if support 1 is respected, it can be the first goal for swing traders
Resistance 2 - 2.0 - 2.02
this structure is based on current year's high and 2019's price action
major reversals always happen on key levels.
so always pay attention to the reaction of the market to these zones.