Market NewsTechnical Analysis

GBP/NZD: Bear Holds the Key Waiting for Its Territory

  • GBP/NZD has been bearish on the H4 chart.
  • The Simple Moving Average has been working as resistance.
  • The H1 chart looks slightly bullish.
  • Intraday price action suggests it may get choppy.
GBP/NZD H4 Chart
GBP/NZD H4 Chart

GBP/NZD- Technical Analysis-H4 Chart

The chart shows that the pair has been heading towards the downside with a good momentum. The simple moving average 30 has been working as resistance. Thus, it may attract the sellers to look for short opportunities. As of writing, the pair consolidates. It produced a bearish inside bar. It may have attracted the sellers to go short. However, it is the last day of the week. Thus, the sellers look a bit skeptical. This may make the pair get choppy until the market starts its operation next week.

The chart suggests that if the pair produces a bearish reversal pattern at the value areas, it may find its next support around 2.08250.

On the upside, the buyers may have to wait for the chart to produce a bullish reversal pattern at the last swing low followed by a breakout at the SMA 30. As things stand with the pair, it may need time to happen.

GBP/NZD H1 Chart
GBP/NZD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price after being bearish for a long time made a strong bullish move. It had a rejection around 2.10350 and made a long bearish correction. The price upon producing an ABC pattern headed towards the North. However, it failed to make a breakout at the last swing high. As of writing, the pair trades around 2.10350. A bullish breakout above the level may push the price towards the North. The price may find its resistance around 2.10900.

On the downside, the last swing high may work as a double top resistance. If the price makes a bearish breakout at 2.09630, the sellers may consider it neckline breakout. This may generate strong bearish momentum and drive the price towards the South.

Considering both charts, it seems that the bear has an edge. We may see some good bearish move in the pair next week.

Written by: Md Tareq Sikder, Senior Analyst Forex Prop News

Contact and follow Tareq on Twitter: @tareqfpn

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Newsletter

Subscribe to ForexPropNews Trading Newsletters

Receive the best-curated content by our editors for the week ahead.

Mini Charts

Related Articles

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets

Asia-Pacific markets declined on Friday, reflecting Wall Street’s tech stock sell-off. Japan’s...

Asia-Pacific Markets Plunge on Chip Stock Declines: Market Watch

Asia-Pacific markets plummeted on chip stock declines, reflecting global economic uncertainties and...

Forex Focus: Dollar Strength and Market Movements in Asia

U.S. retail sales in June held steady at $704.3B, buoyed by non-store...

Asian Markets React to Powell’s Dovish Remarks with Mixed Results

Asian markets reacted mixed after Powell's dovish comments, with Hong Kong's Hang...

Featured educational content

EXPLORE MORE

Featured educational content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

Video: How I Re-Programmed My Mind to be a Consistent Trader (Thanks to The Wolf of Wall Street)

How I Re-Programmed My Mind to be a Killer Trader (Thanks to The Wolf of Wall Street)

Video: This Invisible Trading Indicator Tells you What Day Trade (Not Just Price)

This Invisible Trading Indicator Tells you WHEN to Trade (Not Just Where)

Technical Analysis: Chart Patterns and Indicators for Profitable Investments

Navigate stocks with confidence using chart patterns like Head and Shoulders, indicators such as MACD, and tools like trendlines. Master technical analysis for...

Latest News

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets
Market News

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets

Asia-Pacific markets declined on Friday, reflecting Wall Street’s tech stock sell-off. Japan’s inflation remained steady, and chip stocks showed resilience.

Asia-Pacific Markets Plunge on Chip Stock Declines: Market Watch
Market News

Asia-Pacific Markets Plunge on Chip Stock Declines: Market Watch

Asia-Pacific markets plummeted on chip stock declines, reflecting global economic uncertainties and geopolitical tensions, impacting regional indices sharply.

Copyright © 2023 Forex Prop News. All Rights Reserved.