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In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of GBP/NZD for 4th October 2023.
Reversal Structure: The daily chart illustrates a clear reversal structure, with the 240-day moving average acting as a significant resistance point.
( Daily chart of GBP/NZD, source: Ultima Markets MT4)
The stochastic oscillator technical indicator has also left the oversold area after being oversold for nearly 9 trading days. The market may continue to rebound and rise today.
(4-hour chart of GBP/NZD, source: Ultima Markets MT4)
(1-hour chart of GBP/NZD, source: Ultima Markets MT4)
Central Price: According to Ultima Markets MT4 pivot indicator, the central price for the day stands at 2.04099.
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