GBP/NZD Forecast Today 27/9: Range-Bound (Video+Chart)
Date
9/27/2024 4:39:32 AM
(MENAFN- Daily Forex)
During Thursday's trading session, there has been a lot of back-and-forth movement around the 50-day EMA. While the British pound has shown some strength, the New Zealand dollar has also been performing well. This reflects a battle between two currencies that have both been strong for some time.
This is a
market that has been bouncing around between the 2.10 level on the bottom and the 2.14 level on the top. I think at this point in time, you have to watch very closely whether or not we can break out of this range, and it's probably a significant point to make here that we are right in the middle of that. The market will continue to see a lot of questions asked about the directionality, and therefore I think a lot of people are simply sitting on the sidelines, as we wait for some kind of decision being made.
Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money I Remain Neutral in General
So, I do remain somewhat neutral on this market, but I think in the longer term, we will still have plenty of upward momentum in general. I do think that the trend line comes into play here right around the 1.10 level as well, which also has a 200 day EMA sitting right around there.
So, with all of this being the case, I think we've got a situation where you're probably favoring buying the dip or of course, buying a break above what, the ceiling at the 2.14 level. If we break down below the 200 day EMA, then the market could drop significantly, perhaps down to the 2.07 level. While I am neutral at the moment, I am looking for pullbacks perhaps to nibble at and get involved in this market to continue the overall uptrend.
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