We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bullish
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • The #USD spent the bulk of Q2 in a range after a climactic Q1; and with a series of risk themes continuing to push, combined with an election in November, the door appears open for more vol in USD. Download our USD trading guide here: https://t.co/2Wo7EcwAht https://t.co/BA5dWk4wTt
  • $USD hegemony is at risk thanks to changes in the global economy and the long-term consequences of the US-China trade war. Get your market update from @CVecchioFX here:https://t.co/5GO9UrvO4y https://t.co/OTTEmg76W8
  • The immediate focus is on a break of this multi-week consolidation formation in the Australian Dollar with the broader rally vulnerable while below 7042. Get your AUD technical analysis here: https://t.co/iEYos1ioBc https://t.co/kuzB3Eqps0
  • #Gold prices have rallied to nine-year highs with the breakout testing multi-year uptrend resistance into the open of Q3. Can the rally be sustained? Download our latest Gold trading guide!: https://t.co/3KO2QWOnOt https://t.co/YIIGZdeIAJ
  • Why financial market traders must monitor both monetary and fiscal policy? Find out from @MartinSEssex here:https://t.co/Fkzk88Y5gm https://t.co/zerRXZC1Tq
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here: https://t.co/DmhBkd4B0k https://t.co/uj93z2SHpH
  • The Australian Dollar’s surge from the March lows may be coming to an end as bearish patterns begin to line up on multiple time-frames. Check out our #AUD trading guide to learn more here: https://t.co/pjfm07tqFd https://t.co/VypHLra1ER
  • The Evening Star candlestick is a three-candle pattern that signals a reversal in the market and is commonly used to trade forex. Learn more about the evening star candlestick pattern here: https://t.co/8OTE7m01IG https://t.co/Vumcng7UB3
  • After a miraculous recovery in Q2, equity markets will be left juggling the Fed’s policy and the threat of a second covid wave, all in an election year. Evidently, traders will have their hands full in Q3. Read our equity forecast here: https://t.co/JARqbOKIeM https://t.co/Ms6zEucjqg
  • Hey traders! I'm sure you've all heard about trend trading. Sharpen your knowledge here: https://t.co/jkliL5sxj7 https://t.co/uvlv1MCAHI
GBP/NZD Price Forecast: Bearish Momentum Still in Place

GBP/NZD Price Forecast: Bearish Momentum Still in Place

2020-06-30 14:55:00
Mahmoud Alkudsi, Analyst
Share:

British Pound vs New Zealand Technical Forecast

  • GBP/NZD retreated to a multi-month low, what’s next?
  • Bearish signals on GBP vs NZD price chart

GBP/NZD – Bears in Charge

On Tuesday, GBP/NZD tumbled to an over nine-month low at 1.9139 then rallied as some bears seemed to cover. Nonetheless, the weekly candlestick closed in the red with a 0.3% loss.

Sterling pound softened against major currencies on concerns about how Britain’s government will pay for its planned infrastructure program combined with unclear news about the EU-UK negotiations. Yesterday both sides met face to face for the first time after a series of virtual meetings due to the coronavirus situation.

GBP/NZD Daily PRice CHART (July 20, 2018 – June 30, 2020) Zoomed Out

GBPNZD daily chart 30-06-20 zoomed out
Traits of Successful Traders
Traits of Successful Traders
Recommended by Mahmoud Alkudsi
Traits of Successful Traders
Get My Guide

GBP/NZD Daily PRice CHART (March 10 – June 30, 2020) Zoomed In

GBPNZD daily chart 30-06-20 zoomed in

Last week, GBP/NZD failed on multiple occasions to climb to the higher trading zone reflecting that bearish bias remained intact. Yesterday the pair declined to the current trading zone 1.8964 - 1.9217.

Another close below the high end of the current trading zone signals that bears could steer GBPNZD towards the low end of the it and any further close below that level may encourage them to press towards 1.8457.

On the flip-side, a close above the high end of the zone reflects the bears hesitation and this could lead some of them to exit the market and cause the price to rally towards 1.9517. Any further close above that level may extend the rally towards 1.9761.

How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Mahmoud Alkudsi
Improve your trading with IG Client Sentiment Data
Get My Guide

GBP/NZD Four Hour PRice CHART (April 22 – June 30, 2020)

GBPNZD Four hour price chart 30-06-20

On June 18, GBP/NZD resumed bearish price action and broke below the lower line of the symmetrical triangle. Yesterday, the price broke below the uptrend line originated from the June 23 low at 1.9139 and generated a bearish signal. With that said, any violation of the downtrend line originated from the June 24 high at 1.9476 would generate a bullish signal.

Thus, a break above 1.9282 could trigger a rally towards 1.9416 while any break below 1.9093 may send GBPNZD towards 1.8996. Yet, the technical levels underscored on the chart should be watched closely.

Building Confidence in Trading
Building Confidence in Trading
Recommended by Mahmoud Alkudsi
Building Confidence in Trading
Get My Guide

Written By: Mahmoud Alkudsi,Market analyst

Please feel free to contact me on Twitter: @Malkudsi

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

DISCLOSURES

News & Analysis at your fingertips.