GBPNZD - Symmetry In Motion
- GBPNZD rally showing symmetry to previous rallies
- Current leg higher most comparable to last September
- Looking for a pullback to begin the next 1-2 days
Last week I highlighted the potential for a pullback in GBPNZD, one which never materialized. However, we now have an interesting development at hand which suggest odds for a pullback are high. The current move up beginning on January 9th, thus far, is showing some near identical characteristics when compared to the rise during last September. There are two other rallies worth noting in this comparison as well…
Stats:(Intra-day high to low)
September – 1692 pips in 16 trading days (9/8-9/29)
Current rally – 1595 pips, today is the 16th trading days (1/9–??)
October/November – 837 pips in 17 trading days (10/15-11/6)
November/December – 922 pips in 16 trading days (11/18-12/9)
It is unclear exactly why symmetries like this exist, and it’s a subject with way too much depth to cover for purposes of this posting, but I will say this; in my experience they are more prevalent than many realize. During the next couple of sessions I will be watching for signs of a reversal between current levels and the September high of 21054, with eyes set on a pullback towards the 20200-20400 area.
GBPNZD – Daily:
--- Written by Paul Robinson, DailyFX Research
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.