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FxWirePro: GBP/NZD capped below weekly 200-SMA, stay long on break above

  • GBP/NZD pauses upside at 200W SMA at 1.9842, further upside likely on break above.
     
  • The pair has shown a break of Symmetric Triangle pattern and has shown breakout of consolidation.
     
  • Price action has edged above weekly cloud and has seen test of 200W SMA.
     
  • Some consolidation seen at current levels and breakout above 200W SMA will see upside resume.
     
  • We see Doji formation on weekly charts which raises need for caution. Technical indicators however do not show any signs of reversal.
     
  • 5W SMA at 1.9381 is immediate support, close below could see weakness. Scope then for test of 50-DMA at 1.9024.

Recommendation: Watch out for break above 200W SMA for further upside.

FxWirePro Currency Strength Index: FxWirePro's Hourly GBP Spot Index was at 76.0449 (Neutral), while Hourly NZD Spot Index was at 25.4139 (Neutral) at 1000 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

 

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