11 Mar 2016

GBP/NZD FACES MAJOR RESISTANCE - MORE UPSIDE PREFERRED

GBP/NZD DAILY

The rate is currently testing the 7-month falling trendline resistance, a polarity change as the former support becomes the new resistance and the resistance from a breakaway falling gap.

Although normally these signs would be an indication for further downside, the RBNZ rate cut and openness to further cuts make's me bullish on the pair.

I am waiting for an upside break and a daily close above 2.1500 before entering though.




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