GBP/NZD fails to hold break above 20-DMA, stay short
Updated
GBP/NZD fails to hold break above 20-DMA, we see scope for further weakness.
Technical studies are bearish. RSI below 50, biased lower. Stochs show bearish momentum.
The pair is on track to test 100-DMA at 0.9190. Break below 100-DMA could see test of 1.9115 (Triangle base).
Violation at 'Triangle base' support will see major weakness in the pair. Scope then for test of 1.8883 (38.2% Fib).
On the flipside, we see immediate resistance at 20-DMA at 1.9376. Decisive breakout there could see some upside.
Support levels - 1.93 (5-DMA), 1.9376 (20-DMA), 1.9420 (Apr 6 high)
Resistance levels - 1.9248 (23.6% Fib), 1.9190 (100-DMA), 1.9134 (Ichi cloud top)
Good to go short on rallies around 1.9285/95, SL: 1.9376, TP: 1.9250/ 1.9190/ 1.9135
Technical studies are bearish. RSI below 50, biased lower. Stochs show bearish momentum.
The pair is on track to test 100-DMA at 0.9190. Break below 100-DMA could see test of 1.9115 (Triangle base).
Violation at 'Triangle base' support will see major weakness in the pair. Scope then for test of 1.8883 (38.2% Fib).
On the flipside, we see immediate resistance at 20-DMA at 1.9376. Decisive breakout there could see some upside.
Support levels - 1.93 (5-DMA), 1.9376 (20-DMA), 1.9420 (Apr 6 high)
Resistance levels - 1.9248 (23.6% Fib), 1.9190 (100-DMA), 1.9134 (Ichi cloud top)
Good to go short on rallies around 1.9285/95, SL: 1.9376, TP: 1.9250/ 1.9190/ 1.9135
Note
TP2 hit. Kiwi remains bid after RBNZ's McDermott's comments.GBP/NZD has broken below 55-EMA support at 1.9228 raising scope for further weakness.
Next bear target is trendline ('Triangle Base') at 1.9150.
Breach at 1.9150 to see further weakness. Scope then for test of 1.8883 (38.2% Fib).
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