The GBP/NZD was unable to break 2.31 resistance established last week, and over the past several hours has seen a steady drop with prices now testing previously established support near 2.27. A break below this level would bring converging Fibonacci support near 2.25 into play where we have an emerging bullish Gartley pattern projected to complete (near point D on the chart below). This bullish pattern is also projected to complete at 38.2% support uptrend that developed over the past two weeks which increases the odds of at least a short-term correction near this level. Similar to the recent EUR/CAD setup, we will keep an eye out for any gaps and/or long bars prior to point D which would suggest further bearish momentum down to perhaps the 127.2%-161.8% extensions of XA, which also happen to coincide with the 61.8% and 78.6% retracements of the larger 2-week uptrend. Otherwise, we're looking at a potential shorter-term buy just above point D with stops just below X but we'll hold off on specifics until we are able to assess price action once we're closer to pattern completion.
![]() |
EUR/USD (Swing Forecast) |
| What is the trend? | Neutral |
| What is this pattern? | No pattern present |
| Why is this significant? | There is no high probability pattern so we cannot place a trade. |
| What other indicators or Fib Levels support this thesis? | No trade |
| Support & Resistance Levels | ||
| Resistance 3 | Bottom of channel | See Daily Chart |
| Resistance 2 | 1.4746 | 38.2% of AB on the Daily Chart |
| Resistance 1 | Top of channel | See 2hr Chart |
| Current Price | 1.4530 | |
| Support 1 | Bottom of channel | See 2hr Chart |
| Support 2 | N/A | N/A |
| Support 3 | N/A | N/A |

Daily Chart - Broken bullish channel.
2hr Chart - Bearish channel. DISCLAIMER:
This forum and the information provided here should not be relied on as a
substitute for extensive independent research before making your investment
decisions. Global Forex Trading is merely providing this column for your general
information. The views of the authors are not necessarily those of Global Forex
Trading, its owners, officers, agents or other employees. In addition, any
projections or views of the market provided by the authors may not prove to be
accurate. Global Forex Trading and the currency research team will not be
responsible for any losses incurred on investments made by readers and clients
as a result of any information contained in this column. Global Forex Trading
and the currency research team do not render investment, legal, accounting, tax,
or other professional advice. If investment, legal, tax, or other expert
assistance is required, the services of a competent professional should be
sought. This website is not intended for residents of the United Kingdom,
Singapore or Australia.


