GBP/NZD Currency Pair Forecast
GBP/NZD currency pair upgraded from Sell Candidate to Buy Candidate after Friday trading session.
(Updated on May 17, 2024)
The GBP/NZD currency pair price gained 0.231% on the last trading day (Friday, 17th May 2024), rising from $2.07 to $2.07. During the last trading day the currency pair fluctuated 0.393% from a day low at $2.07 to a day high of $2.08. The price has fallen in 6 of the last 10 days and is down by -0.69% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 57 thousand more shares were traded than the day before. In total, 57 thousand shares were bought and sold for approximately $117.11 thousand.
The currency pair is at the lower part of a narrow and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $2.07 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect GBP/NZD currency pair with a 90% probability to be traded between $2.09 and $2.15 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and currency pairs seldom manage to go directly from the bottom of a trend up to the top. Currency pairs turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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GBPNZD Signals & Forecast
The GBP/NZD currency pair holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $2.08 and $2.09. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Some positive signals were issued as well, and these may have some influence on the near short-term development. A buy signal was issued from a pivot bottom point on Thursday, May 16, 2024, and so far it has risen 0.231%. Further rise is indicated until a new top pivot has been found. GBP/NZD has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk.
Support, Risk & Stop-loss for GBP/NZD currency pair
GBP/NZD finds support from accumulated volume at $2.06 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the currency pair tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the currency pair moved $0.0081 between high and low, or 0.393%. For the last week the currency pair has had daily average volatility of 0.121%.
Our recommended stop-loss: $1.94 (-6.23%) (This currency pair has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 13 days ago.)
Trading Expectations (GBPNZD) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect GBP/NZD to open at $2.07, and during the day (based on 14 day Average True Range), to move between $2.06 and $2.08, which gives a possible trading interval of +/-$0.0087 (+/-0.42%) up or down from last closing price. If GBP/NZD takes out the full calculated possible swing range there will be an estimated 0.84% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $2.07 (0.07%) than the support at $2.06 (0.84%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is GBP/NZD currency pair A Buy?
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period. We have upgraded our analysis conclusion for this currency pair since the last evaluation from a Sell to a Buy candidate.
Current score: 2.705 Buy Candidate Upgraded
Predicted Opening Price for GBP/NZD of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| $2.07 ( 0.0476%) | $2.07 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GBPNZD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.08 | 0.344 % | |
| R2 | 2.08 | 0.195 % | ||
| R1 | 2.07 | 0.102 % | ||
| Current price: | 2.07 | |||
| Support | S1 | 2.07 | -0.197 % | |
| S2 | 2.07 | -0.290 % | ||
| S3 | 2.06 | -0.439 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.10 | 1.45 % | |
| R2 | 2.08 | 0.404 % | ||
| R1 | 2.07 | 0.0685 % | ||
| Current price | 2.07 | |||
| Support | S1 | 2.06 | -0.84% | |
| S2 | 2.04 | -1.37% | ||
| S3 | 2.04 | -1.38% |
FAQ
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