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FxWirePro:GBP/NZD respects 38.2% fib support, rebound risk high

• GBP/ NZD initially dipped on Friday but recovered some ground as investors digested  mixed US jobs report.

• August jobs report showed that jobs growth and unemployment both rose more than expected during the month, while wage growth came in below  predictions..

• Choppy overnight action leads to a short lived dip but, buyers emerged near 2.1134  (38.2% fib) support.

• Technical signals are  bullish as RSI is at 52 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up. 

• Immediate resistance is located at 2.1247( 21DMA), any close above will push the pair towards 2.1277 (23.6%fib).

• Immediate support is seen at 2.1128(38.2% fib) and break below could take the pair towards 2.1001 (50% fib).

• Recommendation: Good to buy around 2.1180 , with stop loss of 2.1000 and target price of 2.1270

  • Market Data
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