FxWirePro: GBP/NZD changes short term trend from neutral to bearish
• GBP/NZD declined on Tuesday as selling was influenced by some profit-taking on long positions. • GBP/NZD traded to 1.9499 before buyers receded due to sellers at 1.95776, it was last down 0.05% At 19:35 GMT. • The pair…
• GBP/NZD declined on Tuesday as selling was influenced by some profit-taking on long positions.
• GBP/NZD traded to 1.9499 before buyers receded due to sellers at 1.95776, it was last down 0.05% At 19:35 GMT.
• The pair is approaching to testing 1.9491 (50%fib ). A break under 1.9491 would unmask 1.9400 level.
•Technical signals show the pair could lose more ground in the short-term as RSI is has turned bearish, daily momentum studies 5, and 9 DMAs are trending down.
• Immediate resistance is located at 1.9568 (38.2%fib ), any close above will push the pair towards 1.9667 (23.6%fib).
• Immediate support is seen at 1.9491 (50%fib ), break below could take the pair towards 1.9413 (61.8%fib).
Recommendation: Good to sell around 1.9530 with stop loss of 1.9640 and target price of 1.9440.
