- GBP/NZD is struggling to break 200W SMA for the 2nd successive week. We see further upside only on break above.
- We see Doji formation on daily charts which suggests some consolidation at current levels.
- Price action has edged above weekly cloud and has shown a break of Symmetric Triangle pattern.
- 5W SMA at 1.9405 is immediate support, close below could see weakness. Scope then for test of 50-DMA at 1.9049.
- Breakout at 200W SMA at 1.9842 could see next resistance at 2.1011 (50% Fib)
Recommendation: Watch out for break above 200W SMA for further upside.
FxWirePro Currency Strength Index: FxWirePro's Hourly GBP Spot Index was at 60.9769 (Neutral), while Hourly NZD Spot Index was at 38.8467 (Neutral) at 1000 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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