Market NewsTechnical Analysis

GBP/NZD: The Bull Waits for Its Ground to Continue Its Run

  • GBP/NZD has made a significant bullish breakout on the H4 chart.
  • The pair seems to be having a bearish correction to find its support.
  • The H1 chart looks bullish by obeying a trend line.
  • 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 made a strong bullish move upon finding its support at 2.06000. On its way, it made a breakout at the simple moving average 30. As of writing, the pair upon finding its resistance, has been having a bearish correction. The buyers may wait for the chart to produce a bullish reversal pattern at the SMA 30’s support to go long in the pair. The price may find its next resistance around 2.09500.

On the downside, if the price breaches the SMA 30’s support, the scenario may be changed. The sellers may keep their eyes on the pair for the breakout confirmation followed by a bearish reversal pattern at the value areas. In that case, the price may find its support around 2.06700.

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 trend line. At the last bounce, it produced a bullish inside bar and headed towards the North. After being bullish for a while, it found its resistance around 2.08500, it has been heading towards the downside. Notable, it had double rejections at the resistance. Thus, sellers on the minor charts look sanguine to drive the price towards the South. Nevertheless, traders on the H1 chart, may keep their eyes on the price action around the trend line’s support. A bullish reversal may make them buy the pair and push the price towards 2.09000.

Considering both charts, it seems that buyers are waiting to go long from the value areas. It means we may see that the pair gets bullish if things go accordingly for the buyers.

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

Contact and follow Tareq on Twitter: @tareqfpn

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