GBP/NZD traded lower yesterday, but the slide was paused slightly above the 1.9030 territories, which has been providing decent support since March 7th. After this date , the price tested this support several times, confirmed it as strong support, and formed a triple bottom. Overall, the pair has been oscilating in trendless fashion between that barrier and the 1.9370 zones since March 4th, and thus, despite the prevailing trend being to the downside, investors will adopt a flat stance for now.
Looking at our oscillator indicators, we can clearly recognize convergence confirmed on both MACD and RSI indicators. This will pay attention to the bulls on the market, but they will start examining a bullish reversal upon a break above the upper end of the triangle, at around 1.9165. This will confirm a forthcoming higher high and may encourage advances towards the 1.9185 barriers or the 1.9350 hurdles. If neither barrier can stop the bulls, then a break higher could open the path towards the peak of March 3rd, at 1.9780.
In order to start a broken triangle is confirmed whether the prevailing downtrend has resumed, the traders would like to see a clear break and test below 1.9030. This will confirm a forthcoming lower low on both the 4-hour and daily charts and may initially pave the way towards the 1.8855 barriers. If that barrier cannot stop the slide, then its break may see scope for more significant declines, perhaps towards the low of January 6th, 2021, at 1.8615.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carry a high-risk level. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and such sites. Furthermore, one understands that the company carries zero influence over transactions, needs, and trading signals. Therefore, it cannot be held liable nor guarantee any profits or losses.
Looking at our oscillator indicators, we can clearly recognize convergence confirmed on both MACD and RSI indicators. This will pay attention to the bulls on the market, but they will start examining a bullish reversal upon a break above the upper end of the triangle, at around 1.9165. This will confirm a forthcoming higher high and may encourage advances towards the 1.9185 barriers or the 1.9350 hurdles. If neither barrier can stop the bulls, then a break higher could open the path towards the peak of March 3rd, at 1.9780.
In order to start a broken triangle is confirmed whether the prevailing downtrend has resumed, the traders would like to see a clear break and test below 1.9030. This will confirm a forthcoming lower low on both the 4-hour and daily charts and may initially pave the way towards the 1.8855 barriers. If that barrier cannot stop the slide, then its break may see scope for more significant declines, perhaps towards the low of January 6th, 2021, at 1.8615.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carry a high-risk level. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and such sites. Furthermore, one understands that the company carries zero influence over transactions, needs, and trading signals. Therefore, it cannot be held liable nor guarantee any profits or losses.