GBPNZD Analysis 08/05/2023
BRITHIS POUND / NEW ZELAND DOLLAR H4 Time Frame
Major Trend = Uptrend
Minor Trend = Downtrend
Nearest Support Area = 1.99750-2.00850
Nearest Resistance Area = 2.04300-2.04523
Overall Bias = Long
Short Term Target = 1.99750-2.00850
Ideal Target = 2.07750-2.08871
Invalidation Level = 1.98350
Notes :
GBPNZD is currently trending upwards after price broke out of its major resistance zone that has bounded price since mid 2020. After seeing a price surge back above 2.00000 sellers seems eager to add their shorts whilst buyer sold their previous long positions with price currently retesting its new major support zone.
Our 1st Main And "Ideal" Scenario is the black paths where price is expected to rebound from its major support zone and continue its upwards trend to 2.07750-2.08871. This scenario will still be valid as long as price can stay above 1.98350.
The 2nd "Worst Case" Scenario is the red paths where price corrects deeper and retest its lower supports zones before possibly finding support around 1.95850-1.96200.
Major Trend = Uptrend
Minor Trend = Downtrend
Nearest Support Area = 1.99750-2.00850
Nearest Resistance Area = 2.04300-2.04523
Overall Bias = Long
Short Term Target = 1.99750-2.00850
Ideal Target = 2.07750-2.08871
Invalidation Level = 1.98350
Notes :
GBPNZD is currently trending upwards after price broke out of its major resistance zone that has bounded price since mid 2020. After seeing a price surge back above 2.00000 sellers seems eager to add their shorts whilst buyer sold their previous long positions with price currently retesting its new major support zone.
Our 1st Main And "Ideal" Scenario is the black paths where price is expected to rebound from its major support zone and continue its upwards trend to 2.07750-2.08871. This scenario will still be valid as long as price can stay above 1.98350.
The 2nd "Worst Case" Scenario is the red paths where price corrects deeper and retest its lower supports zones before possibly finding support around 1.95850-1.96200.
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