๐ฅ NEW: GBPNZD ๐ฅ SWING TRADE ๐ฅ
-SL @ 2.0750 ๐ซ
SLO @ 2.0560 โณ
SSO @ 2.0190 โณ
TP1 @ 1.9485 (shaving 25%)
TP2 @ 1.8875 (shaving 25%)
TP3 @ 1.8433 (shaving 25%)
TP4 @ 1.7751 (closing ALL Sell Orders)
SLO1 @ 1.7590 โณ
SLO2 @ 1.7190 โณ
-SL @ 1.7000 ๐ซ
TECHNICAL ANALYSIS:
The price of GBPNZD is currently trading at ~2.0415. Overall, the technical analysis for GBPNZD is bearish. The price is trading below the moving averages, the RSI is below 50, and the MACD is crossing below the signal line. This analysis suggests that price action will likely continue to decline in the near term.
FUNDAMENTAL ANALYSIS:
As of May 26, 2023, the fundamental analysis for GBPNZD is strong โ short term โ and nearing a solid supply area @ 2.0560. On the one hand, the UK economy is improving, with GDP growth expected to reach 1.2% in 2023. This data supports the strong employment growth and rising wages. However, on the other hand, the UK's trade deficit is widening, and inflation is expected to remain high.
In New Zealand, the economy is also growing, and its GDP growth is expected to reach 2.5% in 2023, supported by solid dairy exports.
Overall, the fundamental outlook for GBPNZD is weakening. The UK economy shows signs of the widening trade deficit and inflation increasing. As a result, the pound's value is likely to remain under pressure, and the Kiwi dollar is expected to appreciate causing the GBPNZD to be short.
SLO @ 2.0560 โณ
SSO @ 2.0190 โณ
TP1 @ 1.9485 (shaving 25%)
TP2 @ 1.8875 (shaving 25%)
TP3 @ 1.8433 (shaving 25%)
TP4 @ 1.7751 (closing ALL Sell Orders)
SLO1 @ 1.7590 โณ
SLO2 @ 1.7190 โณ
-SL @ 1.7000 ๐ซ
TECHNICAL ANALYSIS:
The price of GBPNZD is currently trading at ~2.0415. Overall, the technical analysis for GBPNZD is bearish. The price is trading below the moving averages, the RSI is below 50, and the MACD is crossing below the signal line. This analysis suggests that price action will likely continue to decline in the near term.
FUNDAMENTAL ANALYSIS:
As of May 26, 2023, the fundamental analysis for GBPNZD is strong โ short term โ and nearing a solid supply area @ 2.0560. On the one hand, the UK economy is improving, with GDP growth expected to reach 1.2% in 2023. This data supports the strong employment growth and rising wages. However, on the other hand, the UK's trade deficit is widening, and inflation is expected to remain high.
In New Zealand, the economy is also growing, and its GDP growth is expected to reach 2.5% in 2023, supported by solid dairy exports.
Overall, the fundamental outlook for GBPNZD is weakening. The UK economy shows signs of the widening trade deficit and inflation increasing. As a result, the pound's value is likely to remain under pressure, and the Kiwi dollar is expected to appreciate causing the GBPNZD to be short.
Professor C. E. Ward
