Technical Analysis

GBPNZD is the most important mover to this point at the moment

NZD is the strongest. GBP is the weakest foreign money to this point at the moment

Trying on the chart beneath, a snapshot of the strongest and weakest currencies is displaying the NZD is the strongest, whille the GBP is the weakest.   That makes the most important % changer on the day, the GBPNZD.  That pair has moved zero.31% to the draw back to this point (or minus -60 pips).

Trying on the hourly chart for the pair, the worth decline has taken out plenty of technical ranges, together with the 200 day MA at 1.9297, the 100 day MA at 1.92677 and the 100 hour MA at 1.92425. Final Friday, the pair fell beneath these MAs as properly however couldn’t maintain the momentum. 

With the worth attempting once more – and the foreign money pair the most important mover – can the vendor maintain the stress on at the moment?.  We presently commerce at 1.9229.  Shifting again above the 100 hour MA is the shut danger for the pair. That shifting common comes ina t 1.92425.  Shifting again above the 100 day MA could be one other danger degree for shorts who’re extra intent on draw back potential at 1.92677 (bearish GBP, bullish NZD/danger).  

The GBPNZD has broken below a number of MAs today...

 The potential reward will goal the 200 hour MA at 1.91573. Under that the 1.9109 and 50% at 1.90121 are targets.  

Sellers taking management. Can they maintain the stress on at the moment?

ForexLive


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