GBP/NZD chart on Trading View used for analysis
- GBP/NZD has shown a breakout at 200-DMA, raising scope for further upside.
- The pair has broken major trendline resistance at 1.9125, bias bullish.
- Technical studies support upside in the pair. RSI is at 60, with room to run further.
- Stochs show momentum is with the bulls. MACD is showing a bullish crossover on signal line.
- Next major bull target lies at 1.9426 (Jan 25 high) ahead of 61.8% Fib at 1.9574.
- We see weakness on retrace and close below 200-DMA.
Support levels - 1.9250 (200-DMA), 1.9167 (5-DMA)
Resistance levels - 1.9426 (Jan 25 high), 1.9574 (61.8% Fib)
Recommendation: Good to go long on dips, SL: 1.9250, TP: 1.9425/ 1.95/ 1.9570
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
