GBP/NZD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Our overall outlook on GBP/NZD is strongly bullish, as the currency pair has recently broken out of the falling wedge. The current target is the March high at 2.15, and if this level is conquered, we may expect an attack on an even more formidable resistance area circa 2.23, represented by the February high and 200-day SMA. Considering the channel in the hourly chart, however, before lunging at the March high GBP/NZD should first undergo a 200-pip downside correction, which is expected to extend through the weekly R1 and down to 2.1150/30. Meanwhile, the distribution between the bulls and bears is only slightly skewed in favour of the former, who now take up 57% of the SWFX market.
© Dukascopy Bank SA
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