• GBP/NZD steadied on Tuesday as hotter than expected U.S. inflation data and lower commodity prices weighed on kiwi dollar.
• Oil prices swung lower after hotter than expected inflation data and renewed COVID-19 curbs in China, the world's second-largest oil consumer weighed on crude prices.
• The pair currently is approaching resistance at 50DMA. A break above would unmask 1.9250 level in the short term.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 55,while moving averages are trending higher.
• Immediate resistance is located at 1.9158( 50DMA), any close above will push the pair towards 1.9209(23.6%fib).
• Immediate support is seen at 1.9122 (38.2%fib) and break below could take the pair towards 1.9047 (5DMA).
Recommendation: Good to buy around 1.9150, with stop loss of 1.9050 and target price of 1.9250
