- GBP/NZD has bounced off major trendline support at 1.8930, bias higher.
- The pair has broken above daily cloud and technical studies have turned bullish.
- RSI shows strength at 60 levels and is biased higher. Stochs point north and momentum is bullish.
- We see +ve DMI crossover and ADX is rising in support of the trend higher.
- The pair is currently hovering around strong trendline resistance at 0.9575, breakout to see further upside.
- On the flipside, 100-DMA is strong support at 1.9138, retrace below to see resumption of weakness.
Support levels - 1.9138 (100-DMA), 1.9113 (5-DMA), 1.9076 (20-DMA)
Resistance levels - 1.9275 (trendline), 1.9453 (Feb 8 high), 1.9462 (Jan 25 high)
Recommendation: Good to go long on breakout above 0.9275, SL: 1.9145, TP: 1.94/ 1.9450/ 1.95.
FxWirePro Currency Strength Index: FxWirePro's Hourly GBP Spot Index was at 66.1113 (Neutral), while Hourly NZD Spot Index was at -21.1593 (Neutral) at 1040 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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