GBP/NZD may rise 60 - 88 pips

2.1704 is our pivot point.

Our preference

Rebound towards 2.1832.

Alternative scenario

Below 2.1704, expect 2.1657 and 2.1628.

Comment

The RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 2.1770 and 2.1815).

Supports and resistances

2.1889 **

2.1860 *

2.1832 **

2.1804

2.1744 last

2.1722

2.1704 **

2.1657 *

2.1628 **

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