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Gbp/nzd

Posted on the 08 October 2019 by Merks50

GBP/NZD intraday: the RSI is oversold
Our pivot point stands at 1.9439.
Comment:
the RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the pair stands below its 20 and 50 MAs (respectively at 1.9449 and 1.9517).
Alternative scenario:
the upside breakout of 1.9439, would call for 1.9532 and 1.9587.
Our preference:
the downside prevails as long as 1.9439 is resistance.