Market NewsTechnical Analysis

GBP/NZD: Bull Runs towards the Swing High

  • GBP/NZD has been bullish on the H4 chart.
  • The SMA 30 has been working as a support, price being well above.
  • The H1 chart looks bullish breaching today’s high.
  • Intraday minor charts have been bullish.
GBP/NZD H4 Chart
GBP/NZD H4 Chart

GBP/NZD- Technical Analysis- H4 Chart

The chart shows that the price has been up trending for some days on the H4 chart. The simple moving average 30 has been working as a support. As of writing, the pair trades well above the SMA 30’s support. However, it consolidated around a horizontal support and breached the resistance. Thus, the buyers have been pushing the price towards the North again. It may find its resistance around 2.09500.

On the downside, the sellers must wait for the chart to produce a bearish reversal pattern followed by a breakout at the SMA 30. Looking at the price action, it may take time.

GBP/NZD H1 Chart
GBP/NZD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been up trending by obeying a trend line. At the last bounce, it produced a bullish inside bar and headed towards the North in a hurry. It then made a bearish correction and produced a double bottom. The price again made a move towards the North followed by another bearish correction. The flipped level of support at 2.07600 produced a bullish engulfing candle. Since then, it has been heading towards the upside with good momentum.

The buyers are going to be keen to go long from the value areas and push the price towards the upside further.

On the contrary, the bear may not come into play unless it makes a breakout at the trend line’s support. Thus, the sellers must wait to make any trading decision based on this chart.

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

Contact and follow Tareq on Twitter: @tareqfpn

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