FxWirePro: GBP/NZD holds 5-DMA support, eyes 200-DMA at 1.9303
GBP/NZD chart on Trading View used for analysis GBP/NZD holds above 5-DMA support, trades 0.09% higher on the day at 1.9161 at 0630 GMT. The pair trades with a bullish bias, eyes 200-DMA at 1.9303. Break above to see fur…
GBP/NZD holds above 5-DMA support, trades 0.09% higher on the day at 1.9161 at 0630 GMT.
The pair trades with a bullish bias, eyes 200-DMA at 1.9303. Break above to see further upside.
Focus on quarterly inflation numbers for Q4 due Wednesday. The kiwi could face further challenges next week if quarterly inflation numbers disappoint.
Consensus expectation is for annual inflatiob to have eased from 1.9% to 1.8% in the fourth quarter.
Any miss on forecasts could worry policymakers and push up the odds that the next move in rates would be down.
UK jobs figures for November will also be watched. If the higher growth in average weekly earnings (in previous quarter) proves sustainable, it could ease fears of a sharper slowdown.
Next major bull target lies at 200-DMA at 1.9303. Break above could see further upside.
Break below 5-DMA will see weakness till 20-DMA. Violation at 20-DMA could see further downside.
