GBP/NZD is following a corrective cycle

GBP/NZD is following a corrective cycle

GBP/NZD has been riding a bearish sequence below the 200 SMA at H1 chart and looks forward to correct the most recent sharp decline, which has been holding since December 8th highs. The nearest strong resistance lies at 38.2% Fibonacci zone and it should give up in order to allow another leg higher towards the 50% level at 1.9353. If the pair manages to pullback at such area, the next key target should be the -23.6% level at 1.8738.

RSI indicator remains slightly in the negative territory.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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