Daily Forex Update: GBP/NZD

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Sep 2, 2013 dima7777 (0)

By: Dima Chernovolov

This technical analysis report is based upon a trade opportunity taken from Autochartist’s Market Reports.

 

As you can see from the following trade opportunity alert for GBP/NZD, this currency pair recently broke above the Key Resistance Level 1.9810, identified earlier by Autochartist on the daily charts. The pair is expected to continue the upward movement and to reach the target level 2.0618 in the next 76 trading days. Autochartist sets the stop-level for this forecast at 1.9024. It should be noted that the breakout of this Key Resistance Level led to the breakout of the next major round resistance level 2.0000 (which had been reversing the pair down from September of last year, as you can see on the second chart below).  The latest weekly and monthly closes above the long-term resistance level 2.0000 add to the likelihood the pair will continue to rise toward the target level 2.0618 in in the near-term perspective.

20130902dailyfximage1

The following weekly GBP/NZD chart shows the latest price action close to the major resistance level 2.0000:

20130902dailyfximage2

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