GBP_NZD (400 Pip Range Bound)
The GBP/NZD currency pair has recently reached a 9-year high, indicating significant strength in the British Pound against the New Zealand Dollar. Based on the provided information and search results, here's a detailed analysis for the coming 3 days:
Fundamental Analysis
The GBP/NZD pair has been showing a strong bullish trend, driven by several factors:
1. Economic Divergence: The UK economy has been showing signs of resilience, while New Zealand's economy faces challenges, contributing to the pair's upward momentum.
2. Interest Rate Differentials: The Bank of England's monetary policy stance compared to the Reserve Bank of New Zealand's approach may be supporting the Pound's strength against the Kiwi.
3. Global Risk Sentiment: As a risk-sensitive currency, the New Zealand Dollar may be under pressure due to global economic uncertainties, benefiting the relatively safer Pound.
Technical Analysis
Short-term technical indicators suggest a potential for both bullish continuation and a possible correction:
1. Trend Analysis: The overall trend remains strongly bullish, with the pair making new highs and trading above key moving averages.
2. Resistance Levels: The pair recently reversed from a key resistance level at 2.1840, which could act as a ceiling for further gains in the short term.
3. Support Levels: Key support is identified at 2.1600, which could be tested if the pair experiences a pullback.
4. Momentum Indicators:
a. The daily Stochastic indicator suggests overbought conditions, which may lead to a short-term correction.
b. The 14-day RSI is at 68.10, approaching overbought territory but not yet extreme.
5. Moving Averages: The pair is trading above both the 50-day SMA (2.16) and the 200-day SMA (2.13), confirming the strong uptrend.
Short-term Forecast (Next 3 Days)
Consolidation: The pair should trade within the range of 2.17-2.21 as it consolidates after the recent strong move.
Volatility is expected to remain high, with an average daily range of about 0.54%.
Conclusion
While the long-term trend for GBP/NZD remains bullish, the pair may experience short-term volatility and potential correction after reaching a 9-year high. Traders should watch key technical levels and be aware of any fundamental developments that could impact either currency.
Citations:
[1] fxpro.news/tech-analysis/gbpnzd-wave-analysis-9-december-2024-20241210/
[2] centralcharts.com/en/7326-gbp-nzd/analysis/501611-gbp-nzd-1h
[3] centralcharts.com/en/7326-gbp-nzd/analysis/502080-gbp-nzd-15min
[4] coincodex.com/forex/gbp-nzd/forecast/
[5] ofx.com/en-au/forex-news/historical-exchange-rates/gbp/nzd/
[6] icmarkets.com/blog/wednesday-11th-december-2024-technical-outlook-and-review/
[7] GGBPNZD/SKYLP
[8] icmarkets.com/blog/friday-13th-december-2024-technical-outlook-and-review/
[9]
GBPNZD
[10] au.investing.com/currencies/gbp-nzd-historical-data
Fundamental Analysis
The GBP/NZD pair has been showing a strong bullish trend, driven by several factors:
1. Economic Divergence: The UK economy has been showing signs of resilience, while New Zealand's economy faces challenges, contributing to the pair's upward momentum.
2. Interest Rate Differentials: The Bank of England's monetary policy stance compared to the Reserve Bank of New Zealand's approach may be supporting the Pound's strength against the Kiwi.
3. Global Risk Sentiment: As a risk-sensitive currency, the New Zealand Dollar may be under pressure due to global economic uncertainties, benefiting the relatively safer Pound.
Technical Analysis
Short-term technical indicators suggest a potential for both bullish continuation and a possible correction:
1. Trend Analysis: The overall trend remains strongly bullish, with the pair making new highs and trading above key moving averages.
2. Resistance Levels: The pair recently reversed from a key resistance level at 2.1840, which could act as a ceiling for further gains in the short term.
3. Support Levels: Key support is identified at 2.1600, which could be tested if the pair experiences a pullback.
4. Momentum Indicators:
a. The daily Stochastic indicator suggests overbought conditions, which may lead to a short-term correction.
b. The 14-day RSI is at 68.10, approaching overbought territory but not yet extreme.
5. Moving Averages: The pair is trading above both the 50-day SMA (2.16) and the 200-day SMA (2.13), confirming the strong uptrend.
Short-term Forecast (Next 3 Days)
Consolidation: The pair should trade within the range of 2.17-2.21 as it consolidates after the recent strong move.
Volatility is expected to remain high, with an average daily range of about 0.54%.
Conclusion
While the long-term trend for GBP/NZD remains bullish, the pair may experience short-term volatility and potential correction after reaching a 9-year high. Traders should watch key technical levels and be aware of any fundamental developments that could impact either currency.
Citations:
[1] fxpro.news/tech-analysis/gbpnzd-wave-analysis-9-december-2024-20241210/
[2] centralcharts.com/en/7326-gbp-nzd/analysis/501611-gbp-nzd-1h
[3] centralcharts.com/en/7326-gbp-nzd/analysis/502080-gbp-nzd-15min
[4] coincodex.com/forex/gbp-nzd/forecast/
[5] ofx.com/en-au/forex-news/historical-exchange-rates/gbp/nzd/
[6] icmarkets.com/blog/wednesday-11th-december-2024-technical-outlook-and-review/
[7] GGBPNZD/SKYLP
[8] icmarkets.com/blog/friday-13th-december-2024-technical-outlook-and-review/
[9]
GBPNZD[10] au.investing.com/currencies/gbp-nzd-historical-data
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Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.