Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: GBP/NZD bulls undeterred, eyes 23.6%fib resistance

• GBP/NZD extended its yesterday’s bounce  as  GBP  was supported by hawkish shift in BoE expectations on hot data

• Next week, the Bank of England is expected to be in lockstep with the ECB, with the market eyeing the chances of a hike of 25 basis points.

• Technical signals are bullish as RSI is at 61, daily momentum studies  5,9 and 14DMA’s are trending up.

• Immediate resistance is located at 2.0656 ( 23.6%fib), any close above will push the pair towards 2.0743( June 1st high).

• Strong support is seen at 2.0525 (5 DMA) and break below could take the pair towards 2.0347  (38.2%fib).

 Recommendation: Good to buy around 2.0580 , with stop loss of 2.0450 and target price of 2.0650.

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.