GBP/NZD Technical Analysis: Sellers aim for 1.8800 support-line after RBNZ

GBP/NZD dropped more than 250 pips after the Reserve Bank of New Zealand (RBNZ) held its official cash rate (OCR) unchanged with no likely alterations during the year 2019 and 2020.
Traders now await RBNZ Governor Adrian Orr’s press conference for fresh impetus.
The four hour chart shows an upward sloping trend-line connecting January and February lows, at 1.0800, to be the next major support for the pair.
Should the pair slides under 1.8800, 1.8600 and 1.8380 are likely following numbers to flash on bears’ radar.
On the upside, a descending resistance-line at 1.9170 can keep limiting the pair’s immediate advances, a break of which may trigger the pair’s recovery towards 1.9300 and then to the January high near 1.9425.
In case buyers’ dominate past-1.9425, the 61.8% Fibonacci expectation of its December – February moves, at 1.9560, gain market attention.

Anil Panchal FXStreet

GBP/NZD 4-Hour chart

GBP/NZD

Overview:
    Today Last Price: 1.896
    Today Daily change: -177 pips
    Today Daily change %: -0.92%
    Today Daily Open: 1.9137
Trends:
    Daily SMA20: 1.9108
    Daily SMA50: 1.8876
    Daily SMA100: 1.9167
    Daily SMA200: 1.9278
Levels:
    Previous Daily High: 1.9173
    Previous Daily Low: 1.9074
    Previous Weekly High: 1.9247
    Previous Weekly Low: 1.8757
    Previous Monthly High: 1.9427
    Previous Monthly Low: 1.8603
    Daily Fibonacci 38.2%: 1.9135
    Daily Fibonacci 61.8%: 1.9112
    Daily Pivot Point S1: 1.9083
    Daily Pivot Point S2: 1.903
    Daily Pivot Point S3: 1.8985
    Daily Pivot Point R1: 1.9182
    Daily Pivot Point R2: 1.9227
    Daily Pivot Point R3: 1.9281

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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