GBP/NZD chart on Trading View used for analysis
- GBP/NZD hits new 3-week lows below 21-EMA support, trades 0.52% lower on the day at 1.87 at 0630 GMT.
- The pair trades with a bearish bias. Momentum studies are highly bearish.
- Stochs and RSI are sharply lower and MACD is on verge of a bearish crossover on signal line.
- Price action has been rejected at daily cloud, dip till lower Bollinger Band at 1.8435 likely.
Support levels - 1.8677 (4H 200 SMA), 1.8625 (Nov 16 low), 1.8435 (Lower BB)
Resistance levels - 1.8792 (21-EMA), 1.8833 (5-DMA), 1.8927 (55-EMA)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-GBP-NZD-rejected-at-daily-cloud-good-to-go-short-below-21-EMA-at-188-1481849) has hit TP1/2.
Recommendation: Book partial profits. Stay short for further downside.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
