FxWirePro: GBP/NZD Extends Consolidation Near New 11-Month Lows at 2.0417

FxWirePro: GBP/NZD Extends Consolidation Near New 11-Month Lows at 2.0417

19 April 2016, 09:45
Roberto Jacobs
0
25

FxWirePro: GBP/NZD Extends Consolidation Near New 11-Month Lows at 2.0417

  • GBP/NZD has been trading a falling wedge formation and has hit fresh 11-month lows at 2.0417 on Monday's trade. 
  • Uncertainty around the Sterling in the run-up to the EU referendum likely to keep the pair depressed. 
  • While upbeat data which has pushed back RBNZ rate cuts bets supports NZD and hence downside in the pair. 
  • Downside in the pair is also confirmed on the charts. Major moving averages biased lower and weakness seen in RSI at 34 levels. 
  • The pair now sees resistance at 2.0520 (5-DMA), ahead of 2.0605 (10-DMA) and 2.0800 (Wedge top).  
  • On the other side, supports are seen at 2.0248 (May 7th 2015 low), 2.0071 (Apr 30th 2015 lows) and then 2.0050 (May 6th 2015 lows). 


The material has been provided by logo.gif



Share it with friends: