• 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
