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FxWirePro: GBP/NZD gains some higher ground but bias is still bearish

• GBP/NZD gained some ground on Friday  as kiwi dollar was   pressured by weak domestic manufacturing data  and soured risk sentiment.

• New Zealand’s manufacturing sector expanded only marginally in April, with growth slowing to a six-month low as the Middle East conflict raised costs and disrupted supply chains, a survey showed Friday.

• The Bank of New Zealand–BusinessNZ Performance of Manufacturing Index fell to a seasonally adjusted 50.5 in April from a revised 52.8 in March..

• Looking ahead, markets will focus on New Zealand’s Q1 producer price data due Tuesday for clues on inflation ahead of the Reserve Bank of New Zealand May policy meeting.

• Immediate resistance is located at 2.2835(50%fib), any close above will push the pair towards 2.2910(SMA 20).

• Immediate support is seen at 2.2642(50%fib) and break below could take the pair towards 2.2573(Lower BB).

Recommendation: Good to sell around 2.2850  with stop loss of 2.2950 and target price of 2.2750

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