GBP/NZD short setup
GBP/NZD pauses at major trendline support at 1.8925.
Price action is below daily cloud and technical studies are bearish.
Further, bearish RSI divergence adds to bearish bias.
Break below 1.8925 raises scope for test of 200-DMA at 1.8549.
Violation at 200-DMA could see further weakness.
On the flipside, 20-DMA is strong resistance at 1.9050.
Breakout above daily cloud invalidates bearish bias.
Support levels - 1.8925 (trendline support), 1.8785 (Nov 9 low), 1.8614 (Jan 12 low), 1.8549 (200-DMA)
Resistance levels - 1.9019 (5-DMA), 1.9050 (20-DMA), 1.9136 (cloud top)
Good to go short on break below 1.8925, SL: 1.9050, TP: 1.8785/ 1.87/ 1.8615/ 1.8550.
Price action is below daily cloud and technical studies are bearish.
Further, bearish RSI divergence adds to bearish bias.
Break below 1.8925 raises scope for test of 200-DMA at 1.8549.
Violation at 200-DMA could see further weakness.
On the flipside, 20-DMA is strong resistance at 1.9050.
Breakout above daily cloud invalidates bearish bias.
Support levels - 1.8925 (trendline support), 1.8785 (Nov 9 low), 1.8614 (Jan 12 low), 1.8549 (200-DMA)
Resistance levels - 1.9019 (5-DMA), 1.9050 (20-DMA), 1.9136 (cloud top)
Good to go short on break below 1.8925, SL: 1.9050, TP: 1.8785/ 1.87/ 1.8615/ 1.8550.
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