Vladimir RibakovOwner, Chief Trader at Home Trader Club (Former Traders Academy Club), Owner, Chief Trader at Home Trader Club (Former Traders Academy Club) · Owner, Chief Trader at Home Trader Club (Former Traders Academy Club)

GBPNZD analysis & trading plan - 3 July 2024

3 Jul 2024 · 1 min

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Vladimir Ribakov analyzes GBP/NZD on daily and 4-hour charts, spotting a bullish divergence where price hit lower lows but MACD formed higher lows. The pair bounced off support with strong buying pressure on the 4-hour chart, though resistance overhead could cap the move unless broken.

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Can pound New Zealand continue its bullish momentum from here? Let's take a look on the charts. On a daily chart, the pair is bouncing right off classical supportive zone after completing a bullish divergence. While the market tried to make lower lows, the support zone hold and MACD makes higher lows— bullish divergence. As you can see on the four-hour chart, the buyers took very good control from there and currently running and maintaining a bullish momentum. However, there is a strong resistance zone at the moment on the 4-hour chart. Short-term bounces are possible. However, break above the resistance should be a trigger for further bullish continuation. What do you think about this pair? Let me know in the comments.