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FxWirePro: USD/ZAR outlook weaker on renewed downside pressure

FxWirePro- Major Pair levels and bias summary

FxWirePro: EUR/AUD attracts selling interest, vulnerable to more downside

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FxWirePro:GBP/NZD bulls undeterred, next stop 1.9300

Tuesday, February 16, 2021 4:39 PM UTC

• GBP/NZD rose higher on Tuesday as UK's rapid rollout of COVID-19 vaccines buoyed sterling further.

• GBP/NZD has traded a 125 pip range on Tuesday 1.9169-1.19294, 1.19294 marks the highest level since 23rd Nov 2020.

• Any downside correction is likely to be temporary as barrier at 1.9129 is likely to restrict lower move.

•Technical are strongly bullish, RSI is rising sharply higher, momentum studies, 9, 11 DMAs trending north.

• Immediate resistance is located at 1.9300 ( Psychological level), any close above will push the pair towards 1.9340 (23.6%fib).

• Strong support is seen at 1.9184 (38.2%fib) and break below could take the pair towards 1.9129 (9DMA).

Recommendation: Good to buy around 1.9260, with stop loss of 1.9150 and target price of 1.9340.

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FxWirePro:GBP/NZD bulls undeterred, next stop 1.9300

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