GBP/NZD may rise 68 - 101 pips

Our pivot point stands at 2.1146.

Our preference

The upside prevails as long as 2.1146 is support.

Alternative scenario

The downside breakout of 2.1146 would call for 2.1090 and 2.1058.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 2.1191 and 2.1194). Finally, the GBP/NZD is trading above its upper Bollinger band (standing at 2.1216).

Supports and resistances

2.1392 **

2.1359 *

2.1326 **

2.1293

2.1225 last

2.1167

2.1146 **

2.1090 *

2.1058 **

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