Market NewsTechnical Analysis

GBP/NZD: Is Double Bottom Going to Play Its Part?

  • GBP/NZD has had its second bounce at the last swing low on the H4 chart.
  • The SMA 30 has been working as a resistance.
  • The H1 chart looks bullish, may end up producing a double bottom.
GBP/NZD H4 chart
GBP/NZD H4 chart

GBP/NZD- Technical Analysis- H4 chart

The chart shows that the price after being bearish had a bounce at 2.01000. The price then made a move towards the North finding its resistance around 2.02485. The price reacted at this level earlier and acting as a flipped resistance. However, the price has found its support again at the last swing low as of writing. The buyers may wait for the price to make a breakout at the horizontal resistance, which will be considered as a neckline breakout. If that happens, it may create volatility and push the price towards the North. The price may find its next resistance around 2.06000.

On the contrary, if the price breaches the last swing low, it may find its next support around 2.98250.

GBP/NZD H1 chart
GBP/NZD H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price has had its second bounce at the level of 2.01400. At the second bounce, it produced a Morning Star. Since then, it has been heading towards the North. As of writing, it trades around a resistance where the price had its last rejection. A breakout above the level may push the price towards the North. The price may find its next resistance around 2.03250.

On the contrary, if the resistance level keeps driving the price towards the South and ends up making a breakout at the level of 2.01400, the sellers may drive the price towards the South further. In that case, the price may find its next support around 1.99800.

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Your email address will not be published.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

Related Articles

US Economic Resilience Boosts Dollar: Unemployment Claims Surprise Markets

US unemployment claims fall below forecasts, indicating labor market resilience; robust data...

Market Focus: Analyzing Gold, EUR/USD, and USD/JPY Trends

Gold dropped, EUR/USD declined, and USD/JPY rose, prompting scrutiny of technical indicators...

Gold Surges to New Record High Amid Market Turbulence

Gold reached a new record high, driven by safe-haven trades following the...

Fed’s Barr and Jefferson: High Interest Rates Here to Stay

Federal Reserve Governor Michael Barr reiterated interest rates will stay high until...

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

US Economic Resilience Boosts Dollar: Unemployment Claims Surprise Markets
Market News

US Economic Resilience Boosts Dollar: Unemployment Claims Surprise Markets

US unemployment claims fall below forecasts, indicating labor market resilience; robust data strengthens the dollar and impacts global currencies and commodities.

Market Focus: Analyzing Gold, EUR/USD, and USD/JPY Trends
Market News

Market Focus: Analyzing Gold, EUR/USD, and USD/JPY Trends

Gold dropped, EUR/USD declined, and USD/JPY rose, prompting scrutiny of technical indicators for future trends.

Copyright © 2023 Forex Prop News. All Rights Reserved.