GBP/NZD: 4-hour
Think the trend is your friend? Then you should watch this long-term rising trend line forex setup on GBP/NZD’s 4-hour time frame. The pair seems to be having trouble surging past the 2.4000 major psychological resistance and might need to draw more pound bulls to the mix. Price looks ready to pull back to the rising trend line, which is around the 100 SMA dynamic support level and the Fibs. Stochastic is almost in the oversold area, which suggests that the retracement might be shallow and that price could bounce off the 2.3000 levels then resume its climb past the recent highs. However, if sellers take over, a break below the 2.3000 major psychological support could signal that a reversal is underway.
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