Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: GBP /NZD runs out of steam but maintains bullish outlook

• GBP /NZD strengthened on Wednesday as the pair resumed rally after brief wobble in the wake of unexpectedly strong U.S. CPI readings.

•The CPI release showed annual inflation at 8.3% versus the   consensus forecast of 8.1%, initially triggering a retreat from early U.S. highs.

•The pairs rise above the 38.2%fib  has reinforced the growing bullish strength, putting focus on resistance at 1.9649.

• Immediate resistance is located at 1.9554(Higher BB), any close above will push the pair towards 1.9649 (23.6% fib).

• Immediate support is seen at 1.9404 (38.2%fib) and break below could take the pair towards 1.9332 (14DMA).

Recommendation: Good to buy on dips around 1.9450, with stop loss of 1.9350 and target price of 1.9600.
 

  • Market Data
Close

Welcome to EconoTimes

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