GBP/NZD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Both the Pound and the kiwi are highly attractive for traders, keeping in mind hawkish RBNZ and strong fundamentals from the U.K. The GBP/NZD pair, however, is driven by the kiwi, as during the one week period the pair has plunged more than 400 pips. The pair is trading around pattern's lower boundary and while usually it will be interpreted as a "buy" signal, aggregate technical indicators are suggesting the pair will continue depreciating and bears will be able to penetrate pattern's support. Market sentiment, in contrast is bullish, with more than 73% of opened positions being long. A move below 1.9384 will clear the way for a weekly S2 at 1.9273.
© Dukascopy Bank SA
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