Traders Beware!

Fraudulent websites posing to have a connection with JFD

Please be aware of fraudulent websites
posing as JFD's affiliates and/or counterparties

More information
by Darius Anucauskas

GBP/NZD Slowly Grinding Higher

Since the reversal to the upside on the 12th of December, GBP/NZD has been on a steady move higher, trading above a newly-formed short-term upside support line, taken from the low of the same day. Certainly, as long as that upside line remain intact, we will continue aiming higher. But one should remain slightly more on the cautious side, as our short-term momentum studies have turned south, signalling slowing upside speed.

If GBP/NZD makes a push higher and breaks the 1.9050 barrier, marked by yesterday’s high, this may invite the bulls back to the table and the pair could travel further up. This is when we will start examining a possibility for the rate to climb to the 1.9200 hurdle, a break of which might increase the chances for GBP/NZD to move towards the 1.9283 obstacle. This is the area where the pair got held from moving higher on the 13th of November.

As mentioned previously, it seems that our oscillators signal weakening momentum. That said, the RSI is still hanging above 50, which gives hope for the buyers. The MACD, after falling below its trigger line yesterday, still remains above the zero line, which also gives a bit of hope for the bulls.

Alternatively, a break of the aforementioned short-term upside support line and another drop below the 1.8860 zone, could question the potential upside, at least in the short run. This is when we will target the 1.8735 obstacle, a break of which may lead the rate lower, where the next good area of support might be seen between the 1.8625 and 1.8600 levels. The first acted as good support on the 20th of December, and the second, as strong resistance on the 14th of the same month.

GBPNZD 4hour


The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. JFD Group, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD Group analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyzes and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyzes and must therefore be viewed by the reader as marketing information. JFD Group prohibits the duplication or publication without explicit approval.

FX and CFDs are leveraged products. They are not suitable for every investor, as they carry high risk of losing your capital. You should be aware of all the risks associated with trading on margin. Please read the full Risk Disclosure.

Copyright 2019 JFD Group Ltd.