GBPNZD, Daily
As all the noise continues around sterling, possible Brexit and the BOE position (we await the UK Inflation Report and Governor Carney’s speech later). The GBPNZD pair has an interesting few days and weeks.
The strong downtrend channel that started in September last year was finally broken in early April and the pair have rallied all the way to the 61.8 Fib level on May 10th (2.1517). This level, once support and now resistance, triggered a move lower yesterday and a SHORT position from 2.1170. Conservative Target 1 – 2.0951 (Strong support 20 and 50 DMA) and Target 2 – 2.0300 at the low of the Daily and Weekly Bollinger bands and Weekly 200 DMA.
A clear break of 2.1517 would be required for a move higher, with upside Target 1 – 2.1915 and 2.2235 as Target 2.
Always trade with strict risk management. Your capital is the single most important aspect of your trading business.
Janne Muta
Chief Market Analyst
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.
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