FxWirePro: GBP/NZD Faces Strong Support at 100 Day MA, Good to Buy at Dips

FxWirePro: GBP/NZD Faces Strong Support at 100 Day MA, Good to Buy at Dips

24 May 2016, 09:22
Roberto Jacobs
0
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FxWirePro: GBP/NZD Faces Strong Support at 100 Day MA, Good to Buy at Dips

  • Major Support- 2.1320 (100 day MA) 
  • The pair has made a low of 2.3150 and recovered from that level. It is currently trading at 2.15620. 
  • Market awaits BOE inflation report hearings for further direction. At these hearings the BOE Governor and other MPC testify on economic outlook and inflation before Parliament treasury committee. 
  • Technically any break below major support will drag the pair down till 2.1189 (21 day MA)/2.1159 (55 day EMA). 
  • On the higher side resistance is around 2.15870 (61.8% retracement of 2.17532 and 2.1357) and break above targets 2.1659/2.1750.

It is good to buy at dips around 2.1470-2.1480 with SL around 2.1320 for the TP of 2.1659/2.1750

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