GBP/NZD 1H Chart: Bulls likely to prevail

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Indicator 4H 1D 1W
 MACD(12;26;9) Buy Buy Sell
 RSI(14) Sell Neutral Neutral
 Stochastic(5;3;3) Neutral Neutral Neutral
 Alligator(13;8;5) Buy Buy Sell
 SAR(0.02;0.2) Buy Buy Buy
 Aggregate
The British Pound has been appreciating against the New Zealand Dollar since the middle of February when the currency pair reversed north from the lower boundary of the medium-term ascending channel at 1.8700.  

Currently, the exchange rate is testing the monthly R1 at 1.9390. Given that the pair is being supported by the 55-, 100– and 200-hour SMAs, it is likely that some upside potential prevails in the market. It is expected that the rate targets the upper channel line located in the 1.9650/1.19750 range.  

If given channel does not hold, it is likely that a breakout north occurs within following sessions. A possible upside target is the monthly R3 at 2.0217. Otherwise, it is expected that a reversal south occurs soon.

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