GBP/NZD may rise 61 - 90 pips

2.1584 is our pivot point.

Our preference

As long as 2.1584 is support look for 2.1717.

Alternative scenario

The downside breakout of 2.1584 would call for 2.1534 and 2.1505.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is below its signal line and positive. The pair could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 2.1603 and 2.1552).

Supports and resistances

2.1776 **

2.1747 *

2.1717 **

2.1688

2.1627 last

2.1603

2.1584 **

2.1534 *

2.1505 **

Number of asterisks represents the strength of support and resistance levels.