GBP/NZD Technical Outlook & H4 Chart

The GBP/NZD is still trading inside a channel and waiting for a downward breakthrough.

Technical Analysis
Jul 18, 2017
GBP/NZD Technical Outlook & H4 Chart

In our last report about the GBP/NZD we recommended buying the pair, keeping our first target at 1.7765. The pair already hit the target and recorded the highest price at 1.7964, which is the average price for the last 50 days, but it declined again to trade now at 1.7700, especially today after releasing the negative data for the CPI from the UK, which is a decline to 2.6% from the previous level at 2.9%.

The pair is trading now in a tight area inside a price channel on the H4 chart, the heading of the lower limit. The pair broke the SMA in the previous candle, so now we should ask ourselves where the pair will go after the breakthrough.

This channel is a continuous pattern and the previous wave was down, so we predict that the prices will break the channel down to touch the uptrend line at 1.7310. The Stochastic indicator is heading the 20 level, so it’s still giving us a sell signal.

The Next Few Days

From this analysis of the H4 chart we can sell the pair now at the current levels at 1.7700 and keep our target at the lower limit of the channel at 1.7550. We need to wait to see what will happen. If we see a breaking downward, then we can sell again to 1.7310. If we saw the pair make a bullish candle inside the channel, we can take buy positions and keep our target at 1.7950.

This week doesn’t have much important news from the UK or New Zealand, except for Mark Carney’s speech today and the retail sales data from the UK on Thursday.

SuperForex
EUR/USD Technical Overview & Daily Chart

Technical Analysis

EUR/USD Technical Overview & Daily Chart

The European currency is going strong versus the dollar, but will today's announcements alter its course?

SuperForex
Jul 18, 2017
EUR/JPY Technical Outlook before the Rate Decisions

Technical Analysis

EUR/JPY Technical Outlook before the Rate Decisions

The BOJ's policy rate will push the Yen to rise a little.

SuperForex
Jul 17, 2017
Qatar Crisis Continues

Technical Analysis

Qatar Crisis Continues

Qatar is still under blockade by Saudi Arabia, the UAE, and two other countries. Can Qatar's economy weather this storm?

SuperForex
Jul 14, 2017