Support 1- 1.9875 (38.2% Fibonacci Retracement)
Support 2-1.9780 (10 & 25 DMA)
Support 3- 1.9621 (23.6% Fibonacci Retracement)
Current Market Prices- 1.9915 (10:40GMT)
Resistance 1-1.9996 (High as on April 1, 2015)
Resistance 2-2.0091 (50% Fibonacci Retracement)
Resistance 3-2.0128 (Cross over between 10, 25 & 50 DMA)
Commentary:
- The NZ$ turned lower against the GBP after prices produced a bullish morning star candle stick pattern
- Near term support is at 1.9885, the 38.2% Fibonacci retracement
- A daily close above this major support level opens the door towards 2.0091 areas
- Alternatively, the parity slides downside and reach to 1.9621 levels as per 23.6% Fibonacci retracement.
Trading Call- Short between 1.9925-1.9930, Stop loss- 1.9996, Take Profit- 1.9870
