Home Technical Analysis Technical update for GBPNZD ahead of monthly closing

Technical update for GBPNZD ahead of monthly closing

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On our previous technical comment on the GBPNZD pair (published on May 11), we have discussed the bigger picture for the pair, using monthly chart.

We are on the last day of May and thus, we examine the same interval where we can see the GBPNZD stability above the confirmation line of our suggested saucer pattern-rounding bottom pattern.

gbpnzd-29-05-2015-update-fxcomment

With a closing above this level, the pair will prove the ability to draw a new leg higher, reinforced by the positive signs on Aroon, RSI14 indicators and breakout above the upper line of Bollinger bands.

To recap, our bullish outlook remains intact and traders can keep their long positions, aiming to challenge the theorical objective of the reversal classical pattern, which resides in the major resistance regions of 2.2540.

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Amir El-Araby Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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