GBP/NZD may rise 75 - 112 pips

Our pivot point is at 2.1417.

Our preference

Rebound.

Alternative scenario

The downside breakout of 2.1417 would call for 2.1354 and 2.1317.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above its 20 period moving average (2.1443) but under its 50 period moving average (2.1477).

Supports and resistances

2.1653 **

2.1616 *

2.1579 **

2.1542

2.1467 last

2.1441

2.1417 **

2.1354 *

2.1317 **

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