The GBPNZD begins with new positivity – Analysis – 12-5-2021

The European index formed correctional bearish wave recently due to the lack of the positive momentum, approaching the initial support at 3870.00, noting that the moving within the bullish channel and the stability of the current support allow us to keep our bullish overview, waiting to gather the positive momentum to manage to record many positive targets, located near 4010.00 and 4120.00 levels.

The EURJPY pair formed temporary sideways trades by settling near 132.00 until gathering the additional positive momentum, to confirm the continuation of the previously suggested positivity, as continuing the settle above the bullish channel’s support line near 130.70 and 131.50 level forming additional support allow us to wait to achieve new positive targets that might start at 133.40 followed by reaching the key resistance at 134.25.

The GBPJPY pair provided new positive close above 152.90 yesterday, to form additional support against the bullish trades in order to reinforce the bullish track that targets the bullish channel’s resistance at 154.80.