GBP/NZD breaks consolidation phase, long dips,target 2.17 levels
GBP/NZD has broken out of its consolidation phase and is extending upside after breaking resistance at 2.1252 (Mar 2nd highs).
Momentum indicators are biased higher and the MACD has also given confirmation with a bullish MACD line crossover on signal line.
Upside is likely to find next resistance at 2.1569 (Feb 22nd highs), further bullishness could take the pair to 2.1733 which is 23.6% Fib retrace of 2.53187 to 2.06251 fall and Feb 18th highs.
Moving averages have turned higher and offer strong support on the downside at 2.1115 and 2.1075, 5 and 10 DMA respectively.
Good to buy dips around 2.1370, SL: 2.1250, TP: 2.1569/2.17
Momentum indicators are biased higher and the MACD has also given confirmation with a bullish MACD line crossover on signal line.
Upside is likely to find next resistance at 2.1569 (Feb 22nd highs), further bullishness could take the pair to 2.1733 which is 23.6% Fib retrace of 2.53187 to 2.06251 fall and Feb 18th highs.
Moving averages have turned higher and offer strong support on the downside at 2.1115 and 2.1075, 5 and 10 DMA respectively.
Good to buy dips around 2.1370, SL: 2.1250, TP: 2.1569/2.17