Market NewsTechnical Analysis

GBP/NZD: Buyers May Continue Their Party for Longer

  • GBP/NZD has been moving towards the North on the H4 chart.
  • The SMA 30 has been working as a support.
  • The H1 chart is moving towards the last swing high upon finding its horizontal support.
  • Intraday minor charts have been more bullish biased in the Tokyo session.
GBP/NZD H4 chart
GBP/NZD H4 chart

GBP/NZD- Technical Analysis- H4 chart

The chart shows that the price upon finding its support around 2.01800 made a move towards the North. It made a breakout at the simple moving average 30 and produced a bullish reversal pattern consequently. Then, it continued its bullish journey. It had a strong rejection at 2.0300 and had a bearish correction. The SMA 30 again played its part and pushed the price towards the upside. As of writing, the pair trades above 2.03000.

Buyers may wait for the price to produce a bullish reversal signal at that level to go long in the pair. However, if the price breaches the last swing high, they may push the price towards the North further. The price may find its next resistance around 2.05800.

GBP/NZD H1 chart
GBP/NZD H1 chart

Price Action Analysis- H1 Chart

The H1 chart shows that a bullish trend line has been playing a very strong part to push the price towards the North. At the last bounce, it produced a bullish engulfing candle and hurried to move towards the upside. At the swing high, it produced a bearish marubozu candle and made a bearish correction. The level of 2.03350 has been working as a support. The buyers may be keen to go long around the level and push the price towards the upside. The price may find its next resistance around 2.04500.

Considering both charts, it seems that the bull is going to dominate in the pair. We may see that the buyers keep pushing the price both on the H4 and H1 chart to end this week and at the beginning of the next week.

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

Contact and follow Tareq on Twitter: @tareqfpn

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