GBPNZD Price Heading To 1.9975

Tues 21st March 2023 : Daily Forex Price Action

Today we’re looking at Trading Setups in:

• GBPNZD
• GBPUSD (Covered in Video)

The risk on markets are back today with GBP topping the tables. 

The NZD is the only currency on the weak side that features on both tables.

GBPNZD has traded through a major resistance level at 1.9650.

This could see the price trade to the next level of resistance at 1.9975.

Price can be seen to be trading above the daily 200 moving average and within a bullish channel.

If the price can retest the 1.9650 or the bullish channel lows we would see price trade higher.

Technical Observations

• The GBP is S1 and NZD is W3 on the day traders table.
• Price has traded through major resistance of 1.9650.
• The next resistance level rests at 1.9975.
• If price can retest the key resistance as support at 1.19650 and find buyers, we could look for long opportunities.
• Price is trading above the 200 daily moving average.