GBPNZD Chart Technical Outlook consolidates around 2.0700, good to buy on dips around 2.0630
GBP/ NZD pushed its recovery envelope from 2.0660 on Wednesday as soft commodity prices amid global growth concerns weighed the Kiwi dollar.
The pair currently is approaching resistance at 38.2%fib. A break above would unmask the 2.0900 level in the short term.
Technical signals show the pair could gain more ground in the short-term as the RSI has tuned bullish while moving averages and MACD are trending higher.
Immediate resistance is located at 2.0833(38.2%fib), any close above will push the pair towards 2.0900 (psychological level).
- Immediate support is seen at 2.0754 (21DMA) and the break below could take the pair towards 2.0724 (50%fib).
Recommendation: Good to buy around 2.0630, with a stop loss of 2.0580 and a target price of 2.0900