GBP/NZD 1H Chart: Some downside potential could prevail

Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)BuySellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)BuySellSell
SAR(0.02;0.2)BuyBuyBuy
Aggregate

The British Pound has been depreciating against the New Zealand Dollar since the middle of April after the GBP/NZD currency pair failed to exceed the 2.1000 level.  

Note that the exchange rate is pressured by the 55-, 100– and 200-hour moving averages in the 1.9900/2.0100 range. Thus, some downside potential could prevail in the market. In this case the rate could gain support in the 1.9218/1.9555 range from the Fibos 61.80% and 50.00%. 

If the given support holds, it is likely that a reversal north could follow, and the pair could re-test the 2.1000 level. Otherwise, the rate could reach the psychological level at 1.9000.

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.