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GBP/NZD Technical Analysis - GBP/NZD Trading: 2023-06-21
GBP/NZD Technical Analysis Summary
Above 2,073
Buy Stop
Below 1,993
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| MA(200) | Neutral |
| Fractals | Buy |
| Parabolic SAR | Buy |
| Bollinger Bands | Neutral |
GBP/NZD Chart Analysis
GBP/NZD Technical Analysis
On the daily timeframe, GBPNZD: D1 went up from the neutral channel and the bullish flag. A number of technical analysis indicators formed signals for further growth. We do not rule out a bullish movement if GBPNZD: D1 rises above the last 2 up fractals: 2.073. This level can be used as an entry point. An initial risk cap is possible below the Parabolic signal, the last down fractal, and the lower Bollinger band: 1.993. After opening a pending order, we move the stop following the Bollinger and Parabolic signals to the next fractal low. Thus, we change the potential profit/loss ratio in our favor. The most cautious traders after making a trade can switch to a four-hour chart and set a stop loss, moving it in the direction of movement. If the price overcomes the stop level (1.993) without activating the order (2.073), it is recommended to delete the order: there are internal changes in the market that were not taken into account.
Fundamental Analysis of Forex - GBP/NZD
Getting ready for the Bank of England (BoE) meeting. Will GBPNZD quotes go up?
The next meeting of the Bank of England (BoE) will take place on June 22. Most investors expect the rate to rise by 0.25% to 4.75% from its current level of 4.5%. At the same time, an increase in the BoE rate and immediately by 0.5% is not ruled out. On June 21, British inflation for May will be published, as well as other economic indicators that may help refine the forecast for the BoE's actions. In the meantime, inflation is expected to fall to +8.4% y/y from 8.7% y/y in April. On June 23, UK Retail Sales for May will be released. A decline of -2.6% y/y is expected. The negative trend has been observed since April 2022. All these events will affect the exchange rate of the British pound. The dynamics of the New Zealand dollar may be affected by the New Zealand Trade Balance for May, which will be released on June 21. His outlook looks negative as a record trade deficit is expected in 12 months.
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This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.
