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FxWirePro: GBP/NZD breaks below 50-DMA, hits 4-week lows, good to go short on upticks

GBP/NZD chart on Trading View used for analysis

  • GBP/NZD has broken below 50-DMA support raising scope for further downside.
     
  • Kiwi boosted earlier in the day after RBNZ failed to satisfy dovish expectations.
     
  • Further, GBP-selling in the wake of Brexit uncertainty keeps bias lower.
     
  • Price action has hit 4-week lows at 1.8743. Bollinger bands are widening which shows increased volalitity.
     
  • Technical studies support weakness. We recommend using upticks to go short.

Support levels - 1.87, 1.86 (Jan 11 low), 1.8227 (Dec 4 low)

Resistance levels - 1.8869 (50-DMA), 1.9003 (55-EMA), 1.9094 (110-EMA)

Recommendation: Good to go short on upticks, SL: 1.8870, TP: 1.87/ 1.86/ 1.8230

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex. 
 

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0.4 %

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2.1 %

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1.9 %

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January 22 19:00 UTC 694541694541m

ARTrade Balance

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-1541 %

January 31 00:00 UTC 682721682721m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 682721682721m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 682721682721m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

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