FxWirePro: GBP/NZD hits new 3-week lows below 21-EMA support, bias bearish, stay short

GBP/NZD chart on Trading View used for analysis

• GBP/NZD hits new 3-week lows below 21-EMA support, trades 0.52% lower on the day at 1.87 at 0630 GMT.
   
• The pair trades with a bearish bias. Momentum studies are highly bearish.
   
• Stochs and RSI are sharply lower and MACD is on verge of a bearish crossover on signal line.
   
• Price action has been rejected at daily cloud, dip till lower Bollinger Band at 1.8435 likely.

Support levels - 1.8677 (4H 200 SMA), 1.8625 (Nov 16 low), 1.8435 (Lower BB)

Resistance levels - 1.8792 (21-EMA), 1.8833 (5-DMA), 1.8927 (55-EMA)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-GBP-NZD-rejected-at-daily-cloud-good-to-go-short-below-21-EMA-at-188-1481849) has hit TP1/2.

Recommendation: Book partial profits. Stay short for further downside.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.