GBP/NZD Technical Outlook ahead of the General Elections

Amid doubts whether May can win in the UK elections, we expect the GBP/NZD to continue decreasing.

Technical Analysis
06 Jun 2017
GBP/NZD Technical Outlook ahead of the General Elections

Before the British general elections, we need to know where the Pound is going to in the next days if we want to hunt a good opportunity, which is why we would discuss the GBP/NZD currency pair today and analyze the pair's chart.

The GBP/NZD pair is trading down after breaking the short-term price channel to lose more than 650 pips after UK polls started suggesting that PM Theresa May might not be able to bolster her majority. The pair is now trading at 1.7960 below the trend line which started on May 19. Still, the GBP/NZD has a strong support level at 1.7932 and the bears' power in the market can break it in the next hours. The moving average is still trading above the prices, supporting the negative movement.

The Next Few Days

Based on this analysis of the daily chart we can sell the pair now at the current level 1.7960 and keep our first target at the support level 1.7932. If we notice a bullish price action candle we would close all positions, but if we don't see such a thing we can extend our sell order to 1.7465.

This week is abundant in hot events like the Parliamentary Elections in the United Kingdom as we mentioned; there is also the Manufacturing Production on Friday and Comey’s testimony on Thursday which may offer clues to how the probe into the Trump campaign’s contact with Russian officials and likely will impact the administration’s ability to push through its policy agenda.

SuperForex
EUR/USD Technical Overview

Technical Analysis

EUR/USD Technical Overview

We are predicting further drops for the EUR/USD on June 6.

SuperForex
06 Jun 2017
EUR/JPY Technical Outlook before the ECB Conference

Technical Analysis

EUR/JPY Technical Outlook before the ECB Conference

A look at the Euro vs. Yen amid the ECB meeting and UK elections.

SuperForex
05 Jun 2017
The Parisian Fallout

Technical Analysis

The Parisian Fallout

Donald Trump has once again shocked the global markets with news that the US would be leaving the Paris Agreement.

SuperForex
02 Jun 2017