GBP/NZD has broken out of its consolidation phase and is extending upside after breaking resistance at 2.1252 (Mar 2nd highs).
- Momentum indicators are biased higher and the MACD has also given confirmation with a bullish MACD line crossover on signal line.
- Upside is likely to find next resistance at 2.1569 (Feb 22nd highs), further bullishness could take the pair to 2.1733 which is 23.6% Fib retrace of 2.53187 to 2.06251 fall and Feb 18th highs.
- Moving averages have turned higher and offer strong support on the downside at 2.1115 and 2.1075, 5 and 10 DMA respectively.
Recommendation: Good to buy dips around 2.1370, SL: 2.1250, TP: 2.1569/2.17
