GBP/NZD bounces off 100-DMA, eyes 1.96, stay long
GBP/NZD extends upside for 4th straight session, trades 0.32% higher on the day.
The major is extending gains above 20-DMA and bulls now eye 'Triangle Top' at 1.96.
Technical studies support further upside in the pair. RSI shows strength at 61 levels and is biased higher.
Stochs support upside ans +ve DMI dominance adds to bullish bias.
We see weakness only on retrace below 20-DMA at 1.9404. Scope then for test of 100-DMA.
The pair is trading in a 'Symmetric Triangle' pattern and breakout at 'Triangle Top' at 1.96 will propel the pair higher.
Focus now on UK employment data for further impetus.
Support levels - 1.9404 (20-DMA), 1.9384 (5-DMA), 1.9350 (21-EMA), 1.93
Resistance levels - 1.96 (Triangle Top), 1.9642 (Mar 21 high), 1.97
Good to go long on dips, SL: 1.94, TP: 1.96/ 1.9640
The major is extending gains above 20-DMA and bulls now eye 'Triangle Top' at 1.96.
Technical studies support further upside in the pair. RSI shows strength at 61 levels and is biased higher.
Stochs support upside ans +ve DMI dominance adds to bullish bias.
We see weakness only on retrace below 20-DMA at 1.9404. Scope then for test of 100-DMA.
The pair is trading in a 'Symmetric Triangle' pattern and breakout at 'Triangle Top' at 1.96 will propel the pair higher.
Focus now on UK employment data for further impetus.
Support levels - 1.9404 (20-DMA), 1.9384 (5-DMA), 1.9350 (21-EMA), 1.93
Resistance levels - 1.96 (Triangle Top), 1.9642 (Mar 21 high), 1.97
Good to go long on dips, SL: 1.94, TP: 1.96/ 1.9640
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