GBP/NZD may fall 58 - 85 pips

Our pivot point is at 2.0658.

Our preference

The downside prevails as long as 2.0658 is resistance.

Alternative scenario

The upside breakout of 2.0658, would call for 2.0704 and 2.0731.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 2.0643 and 2.0646).

Supports and resistances

2.0731 **

2.0704 *

2.0658 **

2.0640

2.0620 last

2.0562

2.0535 **

2.0508 *

2.0481 **

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