Intraday analysis covering NZDUSD, GBPUSD, and UKOIL, highlighting recent price movements, key technical levels, and short-term momentum shifts across major markets.
NZDUSD hitting critical support
The New Zealand dollar continued its choppy consolidation as prices tested the 0.5800 level, which has become firm support.
- The recent false spike, which has seen a heavy rejection at 0.5860, could see buyers trim their positions.
- Stiff selling pressure can be expected if the pair loses some traction, with 0.5750 the closest support.
- 0.5880 is the target ahead, with 0.5940 a crucial top.
GBPUSD awaits Bank of England decision
Cable is another pair stuck in consolidation as the pound awaits today’s Bank of England decision.
- A move above the first daily resistance of 1.3460 will increasingly put the sell side on the defensive.
- After moving over 100 pips so far this month, bulls are increasingly optimistic that another multi-month high is in sight towards 1.3520.
- 1.3320 is the first obstacle to bypass for bears to send prices lower.
UKOIL remains optimistic
With Brent oil gearing up for another move lower, prices have seen over $10 wiped off over the past week.
- Bulls are striving to keep the latest bounce valid at 78.00 after the price seems to have secured a foothold.
- A close below 77.60 suggests that a bear rally will continue, with 74.00 in sight.
- Further fresh selling could be expected as the market mood remains cautious as we close in on Friday’s proposed peace deal signing.
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