Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: GBP/NZD outlook weaker on renewed downside pressure

• GBP/NZD declined on Monday after UK factory activity slowed sharply in September.

• The final reading of a closely watched UK manufacturing survey showed that activity continued to slow sharply in September.

• Selling pressure will remain in the short-term, only a move and close above 2.0455 ( 9DMA) strong resistance  will change momentum.

• From a technical viewpoint, the moving averages are pointing downwards, while the RSI  is strongly bearish at 21

•   Immediate resistance is located at 2.0440 (38.2 % fib), any close above will push the pair towards 2.0455 ( 9DMA).

• Strong support is seen at 2.0270 (23.6% fib ) and break below could take the pair towards 2.0220(May 25th low).

Recommendation: Good to sell around 2.0320, with stop loss of 2.0450 and target price of 2.0200

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.