- GBP/NZD has shown a decisive breakout at 1.96 (Triangle Top), bias higher.
- The major trades with a bullish momentum, scope for test of 1.98 levels.
- RSI shows strength at 67 levels with room to run further. Stochs are highly bullish.
- We see +ve DMI dominance and ADX is rising which adds to bullish bias.
- The pair finds major resistance at 200W SMA at 1.9803, break above to accentuate gains.
- On the flipside, retrace below Symmetric Triangle could see weakness till 1.9419. Bullish invalidation below 100-DMA at 1.9188.
Support levels - 1.96 (Triangle top), 1.9521 (5-DMA), 1.9419 (21-EMA)
Resistance levels - 1.9772 (Dec 8 high), 1.9803 (200W SMA), 1.9838 (Dec 1 high)
Recommendation: Good to go long on dips around 1.9660/80, SL: 1.9520, TP: 1.9770/ 1.98
FxWirePro Currency Strength Index: FxWirePro's Hourly GBP Spot Index was at 67.3703 (Neutral), while Hourly NZD Spot Index was at -152.96 (Bearish) at 0700 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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