15 Dec 2015

GBP/NZD TRADING AT CRITICAL LEVELS

GBP/NZD DAILY

The rate is currently testing the massive falling wedge support. I would like to remind you that the Fed rate decision tomorrow will probably have  great impact on the market, and if they decide to raise the base rate, the sentiment linked currencies like AUD and NZD may find it very difficult to continue the recent rallies.

With that in mind - the GBP/NZD may provide traders with a good long entry. A break above 2.2700 would work as a good indication that the rate is ready to trade higher.

The RSI divergence on the Daily chart also indicates an underlying strenght, therefore supporting the long side trade idea.

A break below the wedge's support and today's lows at 2.2200 would invalidate my immediate bullish bias for the pair.



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