GBP/NZD may rise 61 - 89 pips

Our pivot point stands at 2.0630.

Our preference

The upside prevails as long as 2.0630 is support.

Alternative scenario

The downside breakout of 2.0630 would call for 2.0584 and 2.0557.

Comment

The RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 2.0647 and 2.0651). Finally, the GBP/NZD is trading above its upper Bollinger band (standing at 2.0679).

Supports and resistances

2.0823 **

2.0796 *

2.0769 **

2.0741

2.0680 last

2.0648

2.0630 **

2.0584 *

2.0557 **

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