FxWirePro: GBP/NZD Breaks Major Trendline Support and slips Below 1H 50-SMA, Good to Sell Rallies

FxWirePro: GBP/NZD Breaks Major Trendline Support and slips Below 1H 50-SMA, Good to Sell Rallies

5 May 2016, 08:30
Roberto Jacobs
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FxWirePro: GBP/NZD Breaks Major Trendline Support and slips Below 1h 50-SMA, Good to Sell Rallies

  • GBP/NZD rejected at day's highs by 2.1102, and is currently trading at 2.1016 levels. 
  • The pair has broken major trend line support at 2.1047 on the hourly charts and has slipped below the 1H 50-SMA. 
  • Technicals on hourlies support downside, test of 2.0960 levels likely. 
  • Immediate resistance is seen at 2.1032 (1H 50-SMA), while support is located at 2.0980 (5-DMA). 
  • UK services PMI due later in the EU session is a major risk event. The services PMI index improved in March to 53.7 points. Estimate for April stands at 53.6 points. 
  • Any disappointment could weigh heavily on the pair. On the flipside upbeat data could see spike to 2.12 levels.

Recommendation: Good to sell rallies around 2.1030/40, SL: 2.1070, TP: 2.0980/2.0960/2.0940 

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