Market NewsTechnical Analysis

GBP/NZD: Does the Confluence Support Hold the Price and Make it Bullish?

  • GBP/NZD looks a bit choppy on the H4 chart but it trades around a significant support.
  • The pair may make a good move towards the North on the H4 chart.
  • The H1 chart may end up producing a double bottom.
  • Intraday minor charts have been choppy.
GBP/NZD H4 Chart
GBP/NZD H4 Chart

GBP/NZD- Technical Analysis-H4 Chart

The chart shows that the price has been consolidating at a significant support. It may be considered as a confluence level since a horizontal level of support and the simple moving average 30’s support are holding the price simultaneously. A bullish reversal candle around this zone may attract the buyers to go long. They may push the price towards the North and make a new higher high. The price may find its next resistance around 2.07300.

On the downside, if the price breaches the support, it may generate good bearish momentum. The sellers may keep their eyes on the pair to go short upon having bearish reversal pattern around the breakout level. The price may find its support at the last swing low. A breakout below that level may drive the price towards 2.12000.

GBP/NZD H1 Chart
GBP/NZD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the pair has had several bounces at 2.04100. The level may play a vital role to determine the next direction. A bullish candle at the level may attract the buyers to go long and push the price towards the upside. The price may find its next resistance around 2.05700.

However, if the price breaches 2.04100, the sellers may wait for the price to confirm the breakout followed by a bearish reversal pattern to go short in the pair. In that case, the price may head towards the South and find its support again around 2.03000.

The H4 chart favours the buyers. The H1 chart still looks good for the buyers as long as the support holds the price. However, a bearish breakout on the H1 chart may change the scenario.

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Your email address will not be published.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

Fidelcrest video review

Play Video

Related Articles

Euro Weighed Down as EU Inflation Falls Short of Predictions

Euro Area core inflation falls for the 7th straight month, missing forecasts,...

Yen and Euro in Focus: Wage Negotiations, ECB Meetings

Japanese yen falters as USD/JPY retreats ahead of wage negotiations; EUR/JPY finds...

Dollar Reaction to Inflation Figures and Unemployment Claims

Recent U.S. inflation and unemployment data led to mixed dollar movement, with...

Aussie Dollar Up on Retail Sales, Japan Sees Inflation Surprise

Aussie retail sales disappoint, Japan inflation jumps. Currencies & commodities face data,...

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

Euro Down EU Inflation
Market News

Euro Weighed Down as EU Inflation Falls Short of Predictions

Euro Area core inflation falls for the 7th straight month, missing forecasts, while EUR/USD tests critical level at 1.0800.

Yen Wage Negotiations ECB Meetings
Market News

Yen and Euro in Focus: Wage Negotiations, ECB Meetings

Japanese yen falters as USD/JPY retreats ahead of wage negotiations; EUR/JPY finds support before ECB meeting next week.

Copyright © 2023 Forex Prop News. All Rights Reserved.