Weekly Technical Outlook: GBP/NZD; Market Forecasts for May 25th – May 29th

  • Stop loss 2.1484
  • Entry level 2.1227
  • First Target at 2.1096
  • Next targets to test at 2.101, 2.0918

 

Weekly Technical Outlook: GBP/NZD; Market Forecasts for May 25th – May 29th
Weekly Technical Outlook: GBP/NZD; Market Forecasts for May 25th – May 29th
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GBP/NZD’s rise from 2.0897 extended to as high as 2.1484 last week, but formed a temporary top there and retreated. Initial bias is bearish this week, and the price action at the close of last week has found some strong resistance at 2.140 and holds the levels. The pair has rejected the levels with the formation of the pin bar, confirming that the pair has shifted its bias and looks for some deep correction. This also suggests that the trend has reversed too downside and should target levels to 2.1096 and break of this should target at 2.101 -2.0918.

Economic

  • CBI Distributive Trades Report
  • BBA Loans for House Purchase
  • GFK Consumer Confidence Survey along with GDP for UK
  • Trade Balance with Imports and Exports for the Kiwi
  • Building Permits
  • NBNZ Business Confidence

Area of Interest

  • On the weekly chart the trend line align with resistance levels
  • The pair made a false break above 2.140 and closed below the levels
  • Pin bar rejection at the area indicates that the trend has shifted.

For more detailed analysis from the author, please visit NoaFX.

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