FxWirePro: GBP/ NZD key support held, downside risk remains

• GBP/NZD declined on Thursday  as buoyant commodity prices   and upbeat  China exports data boosted  kiwi dollar.

• China's import and export growth beat estimates, suggesting global trade is turning a corner in a positive signal for policymakers as they try to shore up economic recovery.

• China's trade surplus grew to $125.16 billion, compared with a forecast of $103.7 billion in the poll and $75.3 billion in December.

• The is pair heading towards the 50%fib, as near term direction of the pair is likely to be driven by current price action.  

• Technical signals are bearish as RSI is trending south  at 39  , daily momentum studies  5, 9 and 11 DMAs are trending down. 

• Immediate resistance is located at 2.0822 (50%fib ), any close above will push the pair towards 2.0925(50%fib).

• Strong support is seen at 2.0683 (50%fib) and break below could take the pair towards 2.0544 (Sep 29th low).

Recommendation: Good to sell on  around 2.0730, with stop loss of 2.0840  and target price of 2.0640