GBP/NZD long-term buy setup
GBP/NZD has picked momentum and is extending upside from record lows at 1.6705 hit during November 2016.
We have evidenced a 'Golden Cross' formation (bullish 50-DMA crossover on 200-DMA) on the daily charts.
The pair is currently struggling at major trendline resistance at 1.8845. Breakout will see resumption of upside.
On the monthly charts, we see Stochs have rolled over from oversold levels and RSI has bounced off from near oversold zone.
We see scope for test of 2.20 levels (May 2016 highs).
Support levels - 1.8467 (20-DMA) 1.8010 (50-DMA), 1.7687 (200-DMA)
Resistance levels - 1.8845 (falling trendline), 2.0 (June & Sept 2013 and Aug 2014 highs), 2.20 (May 2016 high)
Good to go long on breakout above trendline resistance at 1.8845, SL: 1.76, TP: 2.0/ 2.20
We have evidenced a 'Golden Cross' formation (bullish 50-DMA crossover on 200-DMA) on the daily charts.
The pair is currently struggling at major trendline resistance at 1.8845. Breakout will see resumption of upside.
On the monthly charts, we see Stochs have rolled over from oversold levels and RSI has bounced off from near oversold zone.
We see scope for test of 2.20 levels (May 2016 highs).
Support levels - 1.8467 (20-DMA) 1.8010 (50-DMA), 1.7687 (200-DMA)
Resistance levels - 1.8845 (falling trendline), 2.0 (June & Sept 2013 and Aug 2014 highs), 2.20 (May 2016 high)
Good to go long on breakout above trendline resistance at 1.8845, SL: 1.76, TP: 2.0/ 2.20
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