• GBP/NZD extended rally on Friday as market caution and a dip in commodity prices weighed on kiwi dollar.
• One week after Israel’s attack sparked a retaliatory strike from Iran, the Middle East remained at the center of global attention
• Oil prices fell after U.S. President Donald Trump held back from immediate military action in the Israel-Iran conflict.
• Global benchmark Brent crude futures fell 2.3% to settle at $77.01 a barrel, but gained 3.6% in the week.
• Technical signals are strongly bullish as RSI is at 52, daily momentum studies 21, 50 and 100 DMAs are trending up.
• Immediate resistance is located at 2.2639(50% fib), any close above will push the pair towards 2.2783(May 28th high).
• Strong support is seen at 2.2457(50DMA) and break below could take the pair towards 2.2427(100DM).
Recommendation: Good to buy around 2.2500, with stop loss of 2.2400 and target price of 2.2600
