- GBP/NZD bounces off 110-EMA, bias higher, scope for further upside.
- The pair is trading in a 'Symmetric Triangle' pattern, has bounced off strong support at 1.89 (major trendline support).
- Technical indicators are turning higher. Stochs have rolled over from oversold levels.
- MACD is on the verge of a bullish crossover on signal line and RSI is biased higher.
- Upside is capped by daily cloud and breakout above could see further upside.
- Next major resistance lies at 1.9365 ('Triangle Top'). Violation there could see further upside.
Support levels - 1.9085 (21-EMA), 1.8930 (converged 110-EMA and Triangle base), 1.89 (Feb 22 low)
Resistance levels - 1.9226 (cloud top), 1.93, 1.9365 (Triangle Top), 1.9454 (Feb 8 high)
Recommendation: Good to go long on dips around 1.91, SL: 1.8925, TP: 1.9225/ 1.9365/ 1.9450
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