FxWirePro: GBP/NZD consolidating bounce off channel base, good to go long on breaks above 2.1120

 

• GBP/NZD is extending consolidation phase, after edging higher from channel base support at 2.0625 (multi-month lows).
   
• The pair is extending range trade into the second week, we see series of resistances till 2.1120 level.
   
• Stochs and RSI on daily charts have rolled over from oversold levels and are biased higher. 
   
• The MACD line has shown a bullish crossover on signal line. However, major moving averages are yet to turn.
   
• Immediate support is seen by 10-DMA at 2.0966, while resistance on the upside lies at 2.1100 (Mar 4th highs).
   

Recommendation: Good to go long on breaks above 2.1120, SL: 2.1000, TP: 2.1252/2.1329