GBP/NZD is struggling to break 200W SMA for the 2nd successive week. We see further upside only on break above.
We see Doji formation on daily charts which suggests some consolidation at current levels.
Price action has edged above weekly cloud and has shown a break of Symmetric Triangle pattern.
5W SMA at 1.9405 is immediate support, close below could see weakness. Scope then for test of 50-DMA at 1.9049.
Breakout at 200W SMA at 1.9842 could see next resistance at 2.1011 (50% Fib)
Watch out for break above 200W SMA for further upside.
We see Doji formation on daily charts which suggests some consolidation at current levels.
Price action has edged above weekly cloud and has shown a break of Symmetric Triangle pattern.
5W SMA at 1.9405 is immediate support, close below could see weakness. Scope then for test of 50-DMA at 1.9049.
Breakout at 200W SMA at 1.9842 could see next resistance at 2.1011 (50% Fib)
Watch out for break above 200W SMA for further upside.