Last week NZD/USD once again met resistance in the 0.6155 area. As you can see from the chart, this area stopped the pair twice before within the recent month.
GBP/NZD: trade opportunities
SELL 0.8815; TP1 0.8750; TP2 0.8700: SL 0.8850
BUY 0.8905; TP 0.8980; SL 0.8880
GBP/NZD has been correcting up since the middle of December. The pair formed an inverted “Head and Shoulders” pattern, the targets of which lie around 0.8980/0.90. This is the area where the pair will also meet resistance of the declining 50-day MA.
On H4, the pair formed what looks like bearish “Three drives” pattern and may correct down to 0.8750/00. At the same time, a break above the short-term resistance at 0.8900 will let the pair to reach its targets at 0.8980/0.90.
It’s worth paying attention to AUD/JPY. The pair has approached the resistance line connecting April and May highs.
The way EUR/GBP bottomed around 0.8700, then rose above 0.8870 and jumped from the trendline support at 0.8910 shows that the pair possesses bullish momentum.
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