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Market NewsTechnical Analysis

GBP/NZD: Bull Waits for Its Ground to Make a Move

October 20, 20231 Mins read92 Views
  • GBP/NZD has been very bullish on the H4 chart.
  • The pair trends towards the upside by obeying a trend line.
  • The H1 chart looks bullish.
  • Intraday minor charts have been bullish in New York session.
GBP/NZD H4 Chart
GBP/NZD H4 Chart

GBP/NZD- Technical Analysis-H4 Chart

The chart shows that the price has  been heading towards the North with good bullish momentum. A bullish trend line along with the simple moving average 30 has been its support. At the last bounce, the pair produced a bullish engulfing candle and headed towards the North in a hurry. However, the pair seems to have found horizontal resistance. The pair may make a bearish correction. The buyers would be very keen to keep their eyes on the pair to go long from around the support of that trend line. If the chart produces a bullish reversal pattern at the trendline’s support, the pair may find its resistance around 2.11200.

On the downside, if the price breaches the trendline, the sellers may look to go short upon breakout confirmation followed by a bearish reversal pattern at the value areas.

GBP/NZD H1 Chart
GBP/NZD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the pair after being very bullish on the H1 chart, had a rejection at 2.08470. The price then headed towards the North again. As of writing, the pair trades around that resistance. The sellers may wait for the price to make a bearish move to look for short opportunities. The price may find its support again around 2.07330. A bearish breakout below that level may drive the price towards the South further.

On the contrary, the buyers may be very keen to go long above the resistance. A bullish breakout at that level may push the price towards the North further. The price may find its resistance around 2.09800.

Considering both charts, it seems that the pair may make another bullish move. It may offer some short entries to the minor charts traders. Overall, it is the bull, which may dominate in the pair for a while.

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

Contact and follow Tareq on Twitter: @tareqfpn

Previous post CHF/JPY: A Bullish Trend Line is in Play

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