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GBP/NZD - Building Momentum for Another Attempt at Resistance

GBP/NZD - Building Momentum for Another Attempt at Resistance

Nick Cawley, Strategist

GBP/NZD Price, Charts and Analysis:

  • Trend support remains in place and driving prices higher.
  • GBP/NZD eyes another attempt at horizontal resistance.

GBP/NZD Price – Medium-Term Rally May Not be Over Yet

GBP/NZD has been on an upward trajectory since the start of the year and a series of higher lows remain in place, adding to the bullish outlook for the pair. Trendline support remains in place and has provided an uplift every time it has been approached, aided recently by the 20-day moving average and given support by the medium- and longer-dated averages. The pair made a fresh four-month high on January 31, just, but was unable to consolidate this move and fell back into trend support.

A move back towards the 2.0105 – 2.0180 zone – trend support and the 20-dma – may offer a fresh upside opportunity if the recent pattern holds. This would then suggest a re-test of the recent highs between 2.0420 and 2.0440 before 2.0560 comes into view. GBP/NZD would then be back into the monthly sell-off candle from June 2016 (Brexit) which fell from 2.1390 to a low of 1.8850.

If support fails to hold, a break and close below 2.0000 would suggest that the current bullish set-up is invalidated and trade set-ups need to be looked at again.

GBP/NZD Daily Price Chart (March 2019 – February 19, 2020)

gbp/nzd price chart.

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Sterling (GBP) and the New Zealand Dollar (NZD) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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