Technical Analytics Report

GBP/NZD: Ichimoku Indicators Analysis 03 March 2021

GBPNZD Ichimoku Indicators Analysis 03 March 2021

 

GBP/NZD:H4

 Let’s look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is above the price chart, current cloud is descending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is Kijun-sen line (1.9130). The closest resistance level is the lower border of the cloud (1.9192).

 GBP/NZD:D1

 On the daily chart Tenkan-sen line is above Kijun-sen, the red line is directed downwards, while the blue one remains horizontal. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is the lower border of the cloud (1.8990). One of the previous maximums of Chikou Span line is expected to be a resistance level (1.9335).

 On the four-hour chart we can see a correction of the downward movement. On the daily chart the Bearish trend is still strong. It is recommended to open short positions at current price with the target at the level of previous minimum of Chikou Span line (1.9130) and Stop Loss at the lower border of the cloud (1.9192).

 Scenario

 Timeframe: Intraday

Recommendation: Sell

Entry Point: 1.9159

Take Profit: 1.9130

Stop Loss: 1.9192

Key Levels: 1.8990, 1.9130, 1.9192, 1.9335

 

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