The Overbalance analysis aims to identify three financial instruments, analysed mainly on a daily/four-hourly (D1/H4) interval. The analysis uses only the Overbalance methodology, which allows us to determine where the trend may continue or where it may change.
Today’s analysis covers three instruments, assessed solely in terms of the 1:1 correction structure.
Euro New Zealand Dollar
The EURNZD currency pair is currently struggling to determine its direction. The exchange rate has been moving between two key levels for some time. On the one hand, support is set at 1.9540, which is the lower limit of the broad 1:1 geometry. On the other hand, resistance is at 1.9855, where the upper limit of the 1:1 downward pattern falls. Until the price breaks one of these levels, further sideways movement may continue.
EURNZD – H4 interval. Source: xStation
British pound/Australian dollar
Since November last year, the GBPAUD currency pair has been moving in a strong downward trend. Today’s establishment of a new local minimum confirms the dominance of supply. In the event of a possible correction, the upper limit of the 1:1 geometry, which currently stands at 1.9210, remains the key resistance level. Only a sustained break above this level could lead to a larger upward correction.
GBPAUD – H4 interval. Source: xStation
Great Britain Pound/United States Dollar
GBPUSD quotes negated the 1:1 upward geometry at the beginning of February, which paved the way for a larger downward correction. Currently, the key resistance level is 1.3634, resulting from the upper limit of the 1:1 pattern. However, it seems that only a sustained break above 1.3690 could change the balance of power on the chart and restore the upward scenario.
GBPUSD – H4 interval. Source: xStation
The material on this page does not constitute financial advice and does not take into account your level of understanding, investment objectives, financial situation or any other specific needs. All information provided, including opinions, market research, mathematical results and technical analyzes published on the Website or transmitted To you by other means, it is provided for information purposes only and should in no way be construed as an offer or solicitation for a transaction in any financial instrument, nor should the information provided be construed as advice of a legal or financial nature on which any investment decisions you make should be based exclusively To your level of understanding, investment objectives, financial situation, or other specific needs, any decision to act on the information published on the Website or sent to you by other means is entirely at your own risk if you In doubt or unsure about your understanding of a particular product, instrument, service or transaction, you should seek professional or legal advice before trading. Investing in CFDs carries a high level of risk, as they are leveraged products and have small movements Often the market can result in much larger movements in the value of your investment, and this can work against you or in your favor. Please ensure you fully understand the risks involved, taking into account investments objectives and level of experience, before trading and, if necessary, seek independent advice.
