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FxWirePro: GBP/NZD getting back on track for a run towards 1.9500,good to buy on dips

• GBP/NZD initially dipped on Tuesday  but recovered  some ground as  UK employment data supported sterling on the back of rapid vaccination success.

• The pairs initial drop was short lived, as  buyers emerged near 1.9350,  pair nears the 38.2%fib at 1.9486.

• Technical signals show the pair could gain more ground as RSI is at 51 with 10, 14 and 21-day MAs in bullish alignment. 

• Immediate resistance is located at 1.9486 (38.2%fib), any close above will push the pair towards 1.9574(Apr 12th high ).

• Immediate support is seen at 1.9378 (50%fib) and break below could take the pair towards 1.9346 (55DMA).

Recommendation: Good to buy around 1.9420, with stop loss of 1.9320 and target price of 1.9500
 

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