- GBP/NZD extends upside for 4th straight session, trades 0.32% higher on the day.
- The major is extending gains above 2-DMA and bulls now eye 'Triangle Top' at 1.96.
- Technical studies support further upside in the pair. RSI shows strength at 61 levels and is biased higher.
- Stochs support upside and +ve DMI dominance adds to bullish bias.
- We see weakness only on retrace below 20-DMA at 1.9404. Scope then for test of 100-DMA.
- The pair is trading in a 'Symmetric Triangle' pattern and breakout at 'Triangle Top' at 1.96 will propel the pair higher.
- Focus now on UK employment data for further impetus.
Support levels - 1.9404 (20-DMA), 1.9384 (5-DMA), 1.9350 (21-EMA), 1.93
Resistance levels - 1.96 (Triangle Top), 1.9642 (Mar 21 high), 1.97
Call update: Our previous call (https://www.econotimes.com/FxWirePro-GBP-NZD-breaks-above-21-EMA-on-track-to-test-Triangle-Top-at-196-stay-long-1254994) has hit TP1.
Recommendation: Bias higher. Hold for further upside.
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