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FxWirePro: GBP/NZD largely rangebound, holds above 5-DMA at 2.0925

  • GBP/NZD has been trading a falling wedge pattern, with price action deep below the cloud.
     
  • The pair hit fresh multi-month lows at 2.0625 on Friday, and has since edged higher to currently trade at 2.0937.
     
  • Rangebound trade seen, day's high at 2.1096, lows at 2.0953. Further gains on break above 2.1180.
     
  • Strong support is seen by 5-DMA at 2.0925, pair holding above 5-DMA for now. Breaks below could see tests of 2.0625 and then 2.0585 levels.
     
  • Daily charts show bullish crossover in Stochs and RSI have bounced off oversold levels.
     
  • Immediate resistance is seen at 2.1165 (Feb 24th highs), while support on the downside lies at 2.0925 (5-DMA).
     

Recommendation: We advise waiting for further confirmation for going long.

 

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