• GBP/ NZD rose sharply on Tuesday as commodities slump and china concerns weighed on the kiwi dollar.
•China's shaky economic recovery continues to be plagued by weak domestic demand, persistent deflationary pressures and an anaemic property sector.
•Copper and Dalian iron ore both hit three-month lows, with iron ore dropping 2.6%.
• Technical signals are strongly bullish as RSI is bullish, 5, 9,11 DMAs are trending up.
• Immediate resistance is located at 2.1688(23.6%fib), any close above will push the pair towards 2.1725 (Higher BB).
• Immediate support is seen at 2.1619 (Daily low)and break below could take the pair towards 2.1497(38.2%fib).
Recommendation: Good buy around 2.1660, with stop loss of 2.1500 and target price of 2.1800
