GBP/NZD 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 272-bar long bearish, gradually narrowing tunnel caught GBP/NZD late January when the pair approached a two-year high of 2.0443. Since then the Great British Pound has been losing its value relative to its overseas counterpart; however, the pair may change direction soon as it broke though the pattern's resistance, meaning that the breakout might have happened. Market sentiment supports this, indicating that almost two thirds of traders are bullish. If these affirmations materialize, GBP/NZD may enjoy a rally towards daily resistance at 1.9420 that if overcome will push more formidable level of 1.9483/95 (daily R2; 200-bar SMA and four-hour R1, R2) to the fore.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.