Fxwirepro: GBP/NZD consolidates at above 2.0600, maintains bullish bias
• GBP/NZD strengthened on Wednesday as the pair remained largely well supported by rising trendline. • Near term trend is likely to remain bullish as falling commodity and equity prices weigh on commodity linked New Zeal…
• GBP/NZD strengthened on Wednesday as the pair remained largely well supported by rising trendline.
• Near term trend is likely to remain bullish as falling commodity and equity prices weigh on commodity linked New Zealand dollar.
• At GMT 16:54, the pair was trading 0.5% higher at 1. 9943, highest since March 13th. .
• Technically 21 day and 55-day moving average remains positive and RSI is turning up.
• Immediate resistance is located at 2.0782 (50 % fib),any close above will push the pair towards 2.0995 (61.8% fib).
• Strong support is seen at 2.0520 (Trendline) and break below could take the pair towards 2.0450 (55 DMA).
Recommendation: Good to buy around 2.0670, with stop loss of 2.0480 and target price of 2.0900
