STO Technical - GBP/NZD on a tear

Wednesday, 01/03/2017 | 08:45 GMT

Disclaimer

Having bounced off the 61.8% retracement of the late 2016 rally, the pair is now targeting 1.7475, the 38.2% retracement of the same move and resistance line which has been seen repeatedly over the last two months.

USD/CAD is working on the Fibonacci levels established from the sell off at the start of 2016. We have seen support around the 23.6% level at 1.30, but a sustained move past current resistance at 1.33 would pave the way for a move up to around 1.3550.

This article comprises the personal view and opinion of the STO Investment Research Desk and at no time should be construed as Investment Advice.

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Source: https://www.stofs.com/en/newsroom/entry/GENERAL/gbpnzd-on-a-tear

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