GBP/NZD 4h Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Recently due to a combined resistance of the 23.60% Fibonacci retracement level at 1.8842 and the upper trend line of a long term ascending channel near the 1.90 mark the Pound has begun to lose value against the New Zealand Dollar. As a result of that a narrow ranged descending channel has formed, which is most likely the representation of the first move inside the borders of a medium scale pattern. Market participants are most likely going to watch how the situation develops and attempt to profit from the pair's eventual decline down to the lower trend line of the large scale channel up pattern.



  Level  Rationale     Indicator 4H 1D 1W
R4 1.8563/8655 55 and 100-period SMAs; weekly R1     MACD (12; 26; 9) Sell Buy Buy
R3 1.8510/15 200-period SMA; monthly PP     RSI (14) Buy Neutral Neutral
R2 1.8357 Weekly PP     Stochastic (5; 3; 3) Sell Neutral Sell
R1 1.8296 Trend line     ADX (14) Sell Neutral Neutral
S1 1.8144 Monthly S1     CCI (14) Neutral Buy Neutral
S2 1.8000 Trend line     AROON (14) Buy Buy Buy
S3 1.7886 Weekly S1     Alligator (13; 8; 5) Sell Neutral Buy
S4 1.7636/09 Weekly S2; Trend line     SAR (0.02; 0.2) Sell Sell Buy
          Aggregate

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