Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: GBP/NZD capped at 50-DMA (1.9215), good to go long on break above

  • GBP/NZD is extending upside after break above 5-DMA on daily charts, bias higher.
     
  • Kiwi largely ignores improvement in milk prices at GDT auction overnight. The Global Dairy Trade Price Index gained 2.2 percent at the first auction of the year.
     
  • Subdued dairy supply outlook as Fonterra dropped its forecast for NZ milk collection for second consecutive month weighed.
     
  • The pair has cooled off from highs, is currently trading at 1.9175 after hitting highs of 1.9214.
     
  • Stiff resistance seen at 50-DMA at 1.9215. Breakout could see further upside.
     
  • Technical studies are turning slightly bullish, but bearish divergence on RSI and Stochs keeps scope for downside.

Support levels - 1.9147 (23.6% Fib retrace of 1.9838 to 1.8933 fall), 1.9058 (5-DMA), 1.8883 (38.2% Fib retrace of 1.73375 to 1.98383 rally)

Resistance levels - 1.9215 (50-DMA), 1.92488 (23.6% Fib retrace of 1.73375 to 1.98383 rally), 1.9279 (38.2% Fib retrace of 1.9838 to 1.8933 fall)

Recommendation: Good to go long on break above 50-DMA at 1.9215, SL: 1.9145, TP: 1.9250/ 1.9280/ 1.9330.

FxWirePro Currency Strength Index: FxWirePro's Hourly GBP Spot Index was at 108.887 (Bullish), while Hourly NZD Spot Index was at -30.6531 (Neutral) at 0600 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

 

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

2018-01-16 14:32:49
0m

January 16 13:30 UTC Released

USNY Fed Manufacturing

Actual

17.7 %

Forecast

18 %

Previous

18 %

January 16 13:00 UTC Released

PLNet Inflation YY

Actual

0.9 0

Forecast

0.8 0

Previous

0.9 0

January 16 17:00 UTC 118118m

USSoy Crush

Actual

Forecast

Previous

163.546 Bushels M

January 16 23:50 UTC 528528m

JPMachinery Orders MM

Actual

Forecast

Previous

5 %

January 16 23:50 UTC 528528m

JPMachinery Orders YY

Actual

Forecast

Previous

2.3 %

January 17 00:30 UTC 568568m

AUHousing Finance

Actual

Forecast

Previous

-0.6 %

January 17 00:30 UTC 568568m

AUInvest Housing Finance

Actual

Forecast

Previous

1.6 %

January 17 00:30 UTC 568568m

SGOil Exports MM

Actual

Forecast

Previous

8.7 0

January 17 00:30 UTC 568568m

SGOil Exports YY

Actual

Forecast

Previous

9.1 0

January 17 07:00 UTC 958958m

DEWholesale Price Index MM

Actual

Forecast

Previous

0.5 %

Close

Welcome to EconoTimes

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