FxWirePro Currency Strength Index for GBP/NZD: Bias Bullish
FxWirePro's Hourly GBP Spot Index was at 125.059 (Bullish)
FxWirePro's Hourly NZD Spot Index was at -124.331 (Bearish)
Technical Analysis: Bias Bullish
- Holds support at cloud base and above 110-EMA on daily charts
- Price spikes past 20-DMA at 1.9454
- RSI shows strong upside momentum above 59 levels
- Stochs have rolled over from oversold levels and biased higher
- +ve DMI has crossed over -ve DMI, MACD is on verge of bullish crossover on signal line
Fundamental Factors:
- RBNZ looks set to hold steady on rates for the foreseeable future.
- RBNZ Governor Adrian Orr said that the central bank is dedicated to easy monetary policy "for an extended period of time".
- Focus on BoE today. Markets have priced-in a delay in the rate hike. GBP may edge higher if BOE portrays the first-quarter slowdown as a temporary lull.
Support levels - 1.95, 1.9454 (20-DMA), 1.9418 (5W SMA)
Resistance levels - 1.9750 (Trendline), 1.98, 1.9838 (Dec 1 high)
Recommendation: Good to stay long on dips around 1.96/1.9550, SL: 1.9440, TP: 1.97/ 1.9750/ 1.98
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