GBP/NZD breaks 50-DMA support at 1.9119, bias lower, stay short
GBP/NZD has shown a break below 50-DMA at 1.9119, bias lower.
Pound remains weak as Brexit negotiations proceed to next stage - regarding trade and the transition period.
The pair is trading in an extremely narrow range on the day, with the day's high at 1.9040 and low at 1.9004.
Daily cloud offers immediate support, break below could see drag lower.
Bearish divergence on RSI and Stochs keeps scope for downside, Technical studies are also biased lower.
Indicators on weekly charts have turned slightly bearish. Stochs and RSI are showing a rollover from overbought levels.
Support levels - 1.8999 (cloud top), 1.8883 (38.2% Fib retrace of 1.73375 to 1.98383 rally), 1.8785 (Nov 9 lows)
Resistance levels - 1.9116 (5-DMA), 1.9127 (50-DMA), 1.92488 (23.6% Fib retrace of 1.73375 to 1.98383 rally)
Good to short break below daily cloud, SL: 1.9120, target 1.8885/ 1.8785.
Pound remains weak as Brexit negotiations proceed to next stage - regarding trade and the transition period.
The pair is trading in an extremely narrow range on the day, with the day's high at 1.9040 and low at 1.9004.
Daily cloud offers immediate support, break below could see drag lower.
Bearish divergence on RSI and Stochs keeps scope for downside, Technical studies are also biased lower.
Indicators on weekly charts have turned slightly bearish. Stochs and RSI are showing a rollover from overbought levels.
Support levels - 1.8999 (cloud top), 1.8883 (38.2% Fib retrace of 1.73375 to 1.98383 rally), 1.8785 (Nov 9 lows)
Resistance levels - 1.9116 (5-DMA), 1.9127 (50-DMA), 1.92488 (23.6% Fib retrace of 1.73375 to 1.98383 rally)
Good to short break below daily cloud, SL: 1.9120, target 1.8885/ 1.8785.
