GBP/NZD 1H Chart: Short-term channel in sight - Trade Pattern Ideas - Dukascopy Bank

Fri, 07 Jun 2019 11:21:42 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)SellSellBuy
RSI(14)NeutralBuyNeutral
Stochastic(5;3;3)NeutralNeutralBuy
Alligator(13;8;5)SellSellBuy
SAR(0.02;0.2)BuySellSell
Aggregate

The British Pound has been depreciating against the New Zealand Dollar since the beginning of May. This movement has been bounded in the descending channel.  

Given, that the currency pair is pressured by the 55-, 100– and 200-hour moving averages, it is likely, that a breakout from the channel could occur within the following trading session. In this case, the pair could decline to the Fibonacci 61.80% retracement at 1.8568. 

However, if the given channel holds, it is expected, that the British Pound could continue to depreciate within the given pattern. 

It is unlikely, that bulls could prevail in the market, and the exchange rate could jump higher than the Fibonacci 23.60% retracement at 1.9749.


Back to feed
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.