Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: GBP/ NZD extends rally ,critical resistance lies ahead

• GBP/ NZD strengthened on Tuesday  as record UK wage growth drove pound higher.

• Basic earnings in Britain hit a new record growth rate, adding to worries for the BoE  about long-term inflation pressures even after 14 back-to-back increases in interest rates.

• At GMT 17:59, the pair was trading up 0.45 percent,highest level since since 2nd March 2020.

• From a technical viewpoint, the moving averages are pointing upwards, while the RSI  is  strongly bullish at 68.

• Immediate resistance is located at 2.1339(23.6%fib), any close above will push the pair towards 2.1384 (Higher BB).

• Strong support is seen at 2.1167 (5DMA) and break below could take the pair towards 2.1065  (5DMA )

Recommendation: Good to buy around 2.1300 with stop loss of 2.1200 and target price of 2.1390

  • Market Data
Close

Welcome to EconoTimes

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