- GBP/NZD is extending 'Symmetric Triangle' breakout, trades 0.7% higher on the day.
- Pound boosted across the board following upbeat UK jobs report.
- Global Dairy Trade results came in as expected, failed to provide any support for the kiwi.
- The Reserve Bank of New Zealand (RBNZ) is expected to stand pat on interest rates well into 2019 and possibly even 2020.
- Technical studies for the pair support upside, we see scope for further upside.
- The major is on track to test 200W SMA at 1.9807, breakout above could see further upside.
- Immediate support is seen at 5-DMA at 1.9384, break below could see weakness till 1.9230 (trendline).
Support levels - 1.9384 (5-DMA), 1.93, 1.9230 (trendline)
Resistance levels - 1.9807 (200-W SMA), 1.9838 (2017 high), 1.9995 (38.2% Fib retrace of 2.5318 to 1.6704 fall)
Recommendation: Good to go long on dips around 1.9520/70, SL: 0.9380, TP: 1.9770/ 1.98/ 1.9835.
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