Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro:GBP/NZD under pressure after early buying dries up

• GBP/NZD initially gained  on Tuesday but early rally fizzled   as investors awaited key UK economic data.

• Investors remain on hold ahead of Friday's economic data, including gross domestic product, the balance of trade and industrial production.

• Underlying trend for the pair remains bearish. A break below 38.2%fib support might spur increased downward momentum.

• Technical signals show bearish momentum , the9 DMA and 11 DMAs trend south, while RSI is heading south at 49.

• Immediate resistance is located at 2.0768 ( 11DMA), any close above will push the pair towards 2.0805 (50%fib).

•,Strong support is seen at 2.0667 (38.2%fib) and break below could take the pair towards 2.0556 (Nov 3rd low).

Recommendation: Good to sell on rallies around 2.0720, with stop loss of 2.0850 and target price of 2.0640.

  • Market Data
Close

Welcome to EconoTimes

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