GBP/NZD may fall 85 - 126 pips

Our pivot point is at 2.1504.

Our preference

The downside prevails as long as 2.1504 is resistance.

Alternative scenario

Above 2.1504, look for 2.1573 and 2.1614.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 2.1471 and 2.1499).

Supports and resistances

2.1614 **

2.1573 *

2.1504 **

2.1477

2.1443 last

2.1358

2.1317 **

2.1275 *

2.1234 **

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