- GBP/NZD is extending grind higher after breakout at 1.96 (Triangle Top), bias remains higher.
- The major trades with a bullish momentum, scope for test of 1.98 levels.
- RSI shows strength at 69 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 1.9191.
Support levels - 1.96 (Triangle top), 1.9597 (5-DMA), 1.9448 (21-EMA)
Resistance levels - 1.9772 (Dec 8 high), 1.9803 (200W SMA), 1.9838 (Dec 1 high)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-GBP-NZD-breaks-major-resistance-at-196-good-to-go-long-on-dips-1272840) is progressing well.
Recommendation: Hold for targets.
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