Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro:GBP/NZD outlook weaker on renewed downside pressure

• GBP/ NZD extended its drop on Wednesday  as strong New Zealand employment data solidified expectations for a rate hike this month as policymakers attempt to cool a hot economy.

• New Zealand dollar rose sharply against pound after data showed New Zealand’s jobless rate dropped sharply to 4.0% last quarter.

• The pair attempted to breach support at 1.9670 (50% fib) and recovered towards 1.9724  level . A decisive break closure below (50% fib could increase further downside.

• Technical signals show the pair could fall further in the short-term as RSI is at 47 bearish, daily momentum studies  5, 9 and 11 DMAs are trending  down.

• Immediate resistance is located at 1.9757 (61.8% fib), any close above will push the pair towards 1.9855 (5DMA).

• Immediate support is seen at 1.9670 (50% fib) and break below could take the pair towards 1.9577 (38.2%fib).

Recommendation: Good to sell around 1.9730, with stop loss of 1.9830 and target price of 1.9630
 

  • Market Data
Close

Welcome to EconoTimes

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