GBP/NZD Trade Idea

• Major resistance- 2.17532
   
• GBP/NZD has retreated after making a high of 2.175 on account of better than expected New Zealand trade surplus.
   
• New Zealand posted a trade surplus of $292 million in Apr, more than the $60 million expected driven by lower NZD and higher import volumes.
   
• GBP/NZD has declined till 2.15958 and slightly recovered from that level. Short term trend is slightly weak as long as support 2.1760 holds.
   
• Any break above 2.1760 will take the pair till 2.1796/2.1856.The minor resistance is around 2.169 (61.8% retracement of 2.1751 and 2.1595).
   
• On the lower side major support is around 2.1590 and break below targets 2.1490/2.1450.

It is good to sell on rallies around 2.1685-2.1690 with SL around 2.1760 for the TP of 2.1600

R1-2.176

 R2-2.1795

R3-2.1856

Support

S1-2.1590

S2-2.1490

S3-2.1450