FxWirePro: NZD/USD extends range trade for the 2nd straight session, U.S. PMIs for July eyed for impetus
FxWirePro:GBP/NZD neutral in the near-term, scope for downward resumption
• GBP/NZD initially gained on Friday but lost some ground as pound suffered on negative UK retail sales data .
• GBP/NZD fell from 1.9958 to 1.9911 on Friday, setback is likely to drive the pair further lower.
• Bearish momentum is likely to pick up with a move below 38.2% fib, which would target next support at the 5DMA at 1.9822 and then 50% fib at 1.9788.
• Immediate resistance is located at 1.9960(23.6%fib ), any close above will push the pair towards 1.9981 (Higher BB).
•Immediate support is seen at 1.9861(38.2%fib ) and break below could take the pair towards 1.9822 (5DMA).
Recommendation: Good to sell around 1.9920, with stop loss of 1.9960 and target price of 1.9820.