Market NewsTechnical Analysis

GBP/NZD: Bear’s Domination Continues, What Next?

  • GBP/NZD has been very bearish on the H4 Chart.
  • Simple Moving Average 30 has been working as resistance.
  • The H1 chart may make some bullish corrections.
  • Intraday price action has been very bearish.
GBP/NZD H4 Chart
GBP/NZD H4 Chart

GBP/NZD- Technical Analysis-H4 Chart

The H4 chart shows that the price has been heading towards the South with extreme bearish momentum. At the last rejection, it produced a bearish engulfing candle and made an excellent bearish move. As of writing, the price seems to have found its support around 2.05000. It has been traded around this level for a while. The H4 traders may want to wait for the price to consolidate and produce a bearish reversal candle to go short in the pair again. The H4 chart suggests that the pair may find its next support around 2.03300.

On the contrary, the buyers must wait and may not make any trading decision to go long in the pair. The pair is to produce a strong bullish momentum or a bullish reversal pattern such as double bottom to look for long opportunities here.

GBP/NZD H1 Chart
GBP/NZD H1 Chart

Price Action Analysis-H1 Chart

The chart shows that the pair has been heading towards the downside with very good momentum. A bearish trend line has been working as resistance. At the last rejection, it moved towards the last swing low at 2.07160 and consolidated there for a while. It then made a breakout and made a new lower low in a hurry. The sellers may wait for the price to make a bullish correction followed by a bearish reversal pattern at the value areas to go short in the pair again. Considering value areas, the horizontal level 2.07160 may work as a flipped resistance. The trend line resistance is another value area, which the sellers may keep an eye at.

Considering both charts, it is explicit that the bear has been dominating in the pair. It may dominate in the pair next week if the value areas work as resistance and end up producing a strong bearish reversal pattern.

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Your email address will not be published.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

Asian Stock Plunge as Nikkei Leads with 3% Drop

Asian markets fell sharply, led by Japan's Nikkei, which dropped 3.14%. U.S....

Asia-Pacific Markets Dip on Tech Earnings and Economic Data

Asian markets fell as U.S. tech earnings disappointed. The Nikkei dropped 1.27%,...

Asian Stock Diverge as Wall Street Sees Strong Rebound

Asia-Pacific markets were mixed as Wall Street rebounded. Taiwan's Taiex surged 2.4%,...

Dollar Steady; Gold and Oil Prices Face Challenges: Market Focus

Quiet start to the week with no major news. DXY steadying around...

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

Asian Stock Plummet as Nikkei Leads with 3% Drop
Market News

Asian Stock Plunge as Nikkei Leads with 3% Drop

Asian markets fell sharply, led by Japan's Nikkei, which dropped 3.14%. U.S. tech stocks also suffered significant declines.

Asia-Pacific Markets Dip on Tech Earnings and Economic Data
Market News

Asia-Pacific Markets Dip on Tech Earnings and Economic Data

Asian markets fell as U.S. tech earnings disappointed. The Nikkei dropped 1.27%, Hang Seng down 0.83%, and EV stocks fell.

Copyright © 2023 Forex Prop News. All Rights Reserved.