Market NewsTechnical Analysis

GBP/NZD: Buyers are Vigilant to Push the Price towards the North

  • GBP/NZD is making a bearish correction searching for its support.
  • The pair trades way above simple moving average 30.
  • The H1 chart looks choppy searching for its direction.
  • Intraday minor charts are slightly bearish.
GBP/NZD H4 Chart
GBP/NZD H4 Chart

GBP/NZD- Technical Analysis-H4 Chart

The H4 chart shows that the pair made a strong bullish move upon producing a double bottom at a crucial support. On its way, it made two breakouts, on at the SMA 30 and other one at a horizontal resistance at 2.05660. After making the second breakout, the pair had a rejection. Since then it has been having a bearish correction. Buyers may wait for the price to be held by the breakout level. If the chart produces a bullish reversal pattern at the flipped support, the buyers may push the price towards the North. The price may find its next resistance around 2.08550.

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 bullish trend line. It has had several bounces at the trend line’s support. As of writing, the pair is consolidating at the trend line’s support again. The buyers may be eagerly waiting for the chart to produce a bullish reversal candle to go long in the pair. The price may find its resistance around 2.07300.

On the other hand, if the price breaches the trend line’s support, the seller may find some short opportunities. The price may find its next support around 2.05100.

The H4 chart looks very bullish. The H1 chart trades still within a support of a trend line. Thus, the bull is clearly ahead of the bear here. We may see a good move make by the bull. If it does not, the bear may take over. However, it will take some time to make a move for the bear.

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

Contact and follow Tareq on Twitter: @tareqfpn

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