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Gbp-nzd

GBP/NZD 1H Chart: Remains bearish after plungeThe British Sterling has been strengthening against the New Zealand Dollar since mid-April. This movement was constrained in an ascending wedge, as the pair was diminishing its trading range. As apparent on the chart, the rate entered a minor period of consolidation this week, as it was unable to overcome the strong resistance of the 38.20% Fibo retracement and the weekly R3 at 1.9750. This trading session marked a massive 1.23% plunge which was caused by disappointing UK GDP data. As a result, the pair breached the aforementioned wedge and was trading at 1.95 at the time of this analysis. The pair could fall even lower in this session until the 1.9415 area where the weekly PP and the 100– and 200-period SMAs on the 4H time-frame area located. Some slight bullish correction up to the 1.97 could follow; however, the general trend within the following week should nevertheless remain south down to the senior pattern located in the 1.9300/1.9325 area.
Short
by UnknownUnicorn890690
GBP/NZD bounces off 100-DMA, eyes 1.96, stay longGBP/NZD extends upside for 4th straight session, trades 0.32% higher on the day. The major is extending gains above 20-DMA and bulls now eye 'Triangle Top' at 1.96. Technical studies support further upside in the pair. RSI shows strength at 61 levels and is biased higher. Stochs support upside ans +ve DMI dominance adds to bullish bias. We see weakness only on retrace below 20-DMA at 1.9404. Scope then for test of 100-DMA. The pair is trading in a 'Symmetric Triangle' pattern and breakout at 'Triangle Top' at 1.96 will propel the pair higher. Focus now on UK employment data for further impetus. Support levels - 1.9404 (20-DMA), 1.9384 (5-DMA), 1.9350 (21-EMA), 1.93 Resistance levels - 1.96 (Triangle Top), 1.9642 (Mar 21 high), 1.97 Good to go long on dips, SL: 1.94, TP: 1.96/ 1.9640
Long
by FxWirePro
GBP/NZD fails to hold break above 20-DMA, stay shortGBP/NZD fails to hold break above 20-DMA, we see scope for further weakness. Technical studies are bearish. RSI below 50, biased lower. Stochs show bearish momentum. The pair is on track to test 100-DMA at 0.9190. Break below 100-DMA could see test of 1.9115 (Triangle base). Violation at 'Triangle base' support will see major weakness in the pair. Scope then for test of 1.8883 (38.2% Fib). On the flipside, we see immediate resistance at 20-DMA at 1.9376. Decisive breakout there could see some upside. Support levels - 1.93 (5-DMA), 1.9376 (20-DMA), 1.9420 (Apr 6 high) Resistance levels - 1.9248 (23.6% Fib), 1.9190 (100-DMA), 1.9134 (Ichi cloud top) Good to go short on rallies around 1.9285/95, SL: 1.9376, TP: 1.9250/ 1.9190/ 1.9135
Short
by FxWirePro
GBP/NZD long set up GBP/NZD has bounced off major trendline support at 1.8930, bias higher. The pair has broken above daily cloud and technical studies have turned bullish. RSI shows strength at 60 levels and is biased higher. Stochs point north and momnetum is bullish. We see +ve DMI crossover and ADX is rising in support of the trend higher. The pair is currently hovering around strong trendline resistance at 0.9575, breakout to see further upside. On the flipside, 100-DMA is strong support at 1.9138, retrace below to see resumption of weakness. Support levels - 1.9138 (100-DMA), 1.9113 (5-DMA), 1.9076 (20-DMA) Resistance levels - 1.9275 (trendline), 1.9453 (Feb 8 high), 1.9462 (Jan 25 high) Good to go long on breakout above 0.9275, SL: 1.9145, TP: 1.94/ 1.9450/ 1.95.
Long
by FxWirePro
GBP/NZD! LONG OR SHORT?!WELL WELL WELL. Look at what we've got here guys, a real opportunity to go long! Cool, so currently prices are approaching the 1.93000 Region and we may get the opportunity to go to the upside taking out prior highs and also penetrating the 1.95000 Region. HOWEVER. What seems realistic is that prices will head down to our support zone and may bounce of the key level to the upside or we run the risk of going to downside target of the 1.91000 Region . (KISS ON THE TREND LINE) Whichever way this goes, you might want to look at your volume guys! Be Safe!
Long
by Graignm09