GBP/NZD 1H Chart: Bulls could prevail - Trade Pattern Ideas - Dukascopy Bank

Thu, 31 Oct 2019 12:07:01 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)BuyBuyBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)BuyBuyBuy
SAR(0.02;0.2)SellBuyBuy
Aggregate

The British Pound continued to appreciate against the new Zealand Dollar. As apparent on the chart, the GBP/NZD exchange rate has already surpassed the psychological level at 2.0000.  

Note that the currency pair is supported by the 55-, 100– and 200-hour moving averages, currently located in the 2.0200/2.0250. Therefore, some upside potential could prevail in the market. However, note that the pair would have to surpass the Fibonacci 0.505 retracement at 2.0460. 

If the given resistance level holds, it is likely that bears could prevail in the market in the short term. Important level to look out for is the Fibonacci 23..60% retracement at 1.9588.


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