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.
