• GBP/ NZD traded in tight ranges on Tuesday as investors focused on interest rate decisions from the U.S. Federal Reserve, ECB and the Bank of Japan later this week.
• Investors hope a trio of central bank meetings this week will provide guidance on the outlook for monetary policy.
• Choppy overnight action leads to a short lived dip but, buyers emerged near 2.0621, pair nears the 38.2% fib.
• Technical signals are slightly bullish as RSI is at 54 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 2.0743 ( 38.2% fib), any close above will push the pair towards 2.0903 (23.6%fib).
• Immediate support is seen at 2.0691(9DMA) and break below could take the pair towards 2.0601 (50% fib).
Recommendation: Good to buy around 2.0740 , with stop loss of 2.0650 and target price of 2.0830
