Date: 11 Mar 2019
On Friday morning the GBP/NZD pair fell below the 1.921 level and below the support line from its low on the 15th of February. The market is in a problematic zone between 1.921 and 1.901. If the market falls below 1.901, further price drops seem plausible. So this range will decide whether the prices rise further, or perhaps even fall.
If the market finds support and can defend the 1.901 range, there is the possibility to see prices rising through the 1.935 level. This area shows a significant structural level and thus a resistance for further rising prices. If the bulls succeed in lifting the price through this area, there may be additional resistance at the level of 1,995.
However, if If the market falls through the 1.901 thresholds, and the bears take over, there would be further opportunities for support in the area of 1.8841. If the market also falls through here, support in the 1,867 range could be possible.
If the market falls sustainably through the 1,8673 area, this would cloud the overall picture.
The MACD indicator shows signs of a reversal. This means that the MACD line has crossed the trigger line from top to bottom, which is considered a bearish sign. The histogram has moved into negative territory.
GBPNZD Daily Chart | Source: ActivTrader
Written by Daniel Schuetz, External Analyst
*The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and as such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades PLC (“AT”). The information does not contain a record of AT’s prices or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information. Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not a reliable indicator of futures performance. AT provides an execution-only service. Consequently, any person acting on the information provided does so at its own risk.