TradeCityPro | GBPNZD : Critical Levels and Market Momentum
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In this analysis, I will review the GBPNZD currency pair on the daily timeframe.
⏳ Daily Timeframe: Higher Highs and Ascending Trendline
In the daily timeframe, the market is displaying higher highs and higher lows, indicating an uptrend. Along with this trend, an ascending trendline can be observed, to which the price has reacted three times so far.
🔼 Currently, after reaching the resistance at 2.18921, the market has entered a correction phase, with the price pulling back to the 2.11346 level. As long as the price remains above the trendline, I consider the market trend to be bullish.
📈 If the resistance at 2.18921 is broken, the uptrend is likely to continue, with the first target for this movement being 2.22652.
🔽 On the other hand, if the trendline is broken and the price breaches the 2.13682 or 2.11346 levels, bearish momentum will enter the market. In this case, the first target will be 2.06414, followed by the second target at 2.00732.
✨ The RSI oscillator is currently indecisive and fluctuating around the 50 level. The RSI trend in the near future could determine the market’s momentum.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
In this analysis, I will review the GBPNZD currency pair on the daily timeframe.
⏳ Daily Timeframe: Higher Highs and Ascending Trendline
In the daily timeframe, the market is displaying higher highs and higher lows, indicating an uptrend. Along with this trend, an ascending trendline can be observed, to which the price has reacted three times so far.
🔼 Currently, after reaching the resistance at 2.18921, the market has entered a correction phase, with the price pulling back to the 2.11346 level. As long as the price remains above the trendline, I consider the market trend to be bullish.
📈 If the resistance at 2.18921 is broken, the uptrend is likely to continue, with the first target for this movement being 2.22652.
🔽 On the other hand, if the trendline is broken and the price breaches the 2.13682 or 2.11346 levels, bearish momentum will enter the market. In this case, the first target will be 2.06414, followed by the second target at 2.00732.
✨ The RSI oscillator is currently indecisive and fluctuating around the 50 level. The RSI trend in the near future could determine the market’s momentum.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
Share your thoughts in the comments, and don’t forget to share this analysis with your friends! ❤️
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🏆 Best Crypto Exchange: bit.ly/tcpbit
🤵 Business Contact: Tradecityproteam@gmail.com
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