Market NewsTechnical Analysis

GBP/NZD: Trend Line on the H1 SMA 30 on the H4 Hold the Key

  • GBP/NZD has been having a bearish correction on the H4 chart.
  • The SMA 30 has been working as a support.
  • A bullish trend line still holds the price as a support on the H1 chart.
  • Intraday minor charts have been bearish.
GBP/NZD H4 Chart
GBP/NZD H4 Chart

GBP/NZD- Technical Analysis- H4 Chart

The chart shows that the price has been up trending by obeying the simple moving average 30 for a while. At the last bounce, it produced a bullish engulfing candle. However, the price did not continue its move towards the North. It has rather produced an evening star at a horizontal resistance. Since then, the price has been heading towards the South. The buyers may be waiting 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 resistance around 2.06000. It means the H4 chart offers enough space to the price to travel towards the upside. This may work in the favor of the bull as well.

GBP/NZD H1 Chart
GBP/NZD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been heading towards the North by obeying the trend line. It has had multiple bounces at the trend line’s support. At the last bounce, it produced a bullish candle with a long lower spike. The next candle came out as a bullish one as well. Thus, the buyers may look to go long in the pair and push the price towards the North further. The last swing high may work as a resistance again. A breakout at that level may generate more bullish momentum and push the price towards the upside further.

Both the H4 and H1 chart look good for the buyers to go long. It means we may see that the pair make another good bullish move and remain bullish for some days.

Written by: Md Tareq Sikder, Senior Analyst Forex Prop News Contact and follow Tareq on Twitter: @tareqfpn

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