- GBP/NZD is trading 0.33% higher on the day, erasing losses after a bearish gap down open.
- Technical studies have turned bullish and we see scope for further upside in the pair.
- Price action has broken above 21-EMA at 1.9328 and we see weakness only on retrace below.
- Stochs and RSI are biased higher and we see +ve DMI crossover on -ve DMI which adds to bullish bias.
Support levels - 1.9328 (21-EMA), 1.9320 (5-DMA), 1.93, 1.9189 (100-DMA)
Resistance levels - 1.96 (Triangle Top), 1.9642 (Mar 21 high), 1.97
Recommendation: Good to go long on dips around 1.94, SL: 1.9320, TP: 1.9525/ 1.96/ 1.9640
FxWirePro Currency Strength Index: FxWirePro's Hourly GBP Spot Index was at 149.905 (Bullish), while Hourly NZD Spot Index was at -144.589 (Bearish) at 0900 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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