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GBP NZD Technical Analysis - GBP NZD Trading: 2020-07-21
GBP/NZD Technical Analysis Summary
Above 1.93
Buy Stop
Below 1.9
Stop Loss
| Indicator | Signal |
| RSI | Buy |
| MACD | Buy |
| MA(200) | Neutral |
| Fractals | Neutral |
| Parabolic SAR | Buy |
| Bollinger Bands | Neutral |
GBP/NZD Chart Analysis
GBP/NZD Technical Analysis
On the daily timeframe, GBPNZD: D1 exceeded the resistance line of the short-term downtrend. It is trying to continue the upward trend, but is currently traded narrowly. A number of technical analysis indicators formed signals for further growth. We do not exclude a bullish movement if GBPNZD rises above the last 2 upper fractals: 1.93. This level can be used as an entry point. We can set a stop loss below the Parabolic signal, the last lower fractal and the minimum since September 2019: 1.9. After opening a pending order, we should move the stop loss to the next fractal low following the Bollinger and Parabolic signals. Thus, we change the potential profit/loss ratio in our favor. After the transaction the most risk-averse traders can switch to a four-hour chart and set a stop loss, moving it in the direction of the trend. If the price meets the stop loss level (1.9) without activating the order (1.93), it is recommended to delete the order: the market sustains internal changes that were not taken into account.
Fundamental Analysis of Forex - GBP/NZD
Investors are looking forward to another round of Brexit talks between the UK and the European Union representatives. Will GBPNZD quotes rise?
As a reminder, the previous round of Brexit negotiations began on June 29, 2020. The parties did not agree on anything and it was terminated ahead of schedule a few days later. It is not yet known in what format the new discussion may take place. Тhe UK has formally left the EU, but the transition period will last from 31 January 2020 to 31 December 2020. During this time, the parties must agree on terms of mutual trade. Good labor market data were published in the UK last week. Unemployment in May remained at 3.9%, while it was expected to increase to 4.2%. Retail sales data will be released on Friday, July 24th. Their outlook is positive, which may strengthen the pound. Any progress on the Brexit negotiations would also benefit the British currency. New Zealand's June trade balance will be released on July 24. Its outlook is moderately negative, as the surplus is expected to shrink to $0.603 billion from $1.253 billion in May.
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