Treasure Chest | Jan 17 2012
What?
The TechWizard has advised his clientele to position for a weaker GBP/NZD in the months ahead.
Why?
The TechWizard's view is based upon several technical indiators that all point into the same direction, including the fact GBP/NZD price action has formed a "Tweezer Top" at the 20 M/A resistance line, supported by the fact the MACD indicator is bearish too.
At present GBP/NZD is trading around 1.93000. The Wizard recalls the low in August last year was 1.8548. He suggests the August low is the key level. It also marks a multi year low.
The TechWizard is the pseudonym of Scott Morrison, whose experience in financial markets exceeds twenty years. Morrison operates his own website nowadays at www.techwizard.com.au. All views expressed are the TechWizard's, not FNArena's (see our disclaimer).
Technical limitations
If you are reading this story through a third party distribution channel and you cannot see charts included, we apologise, but technical limitations are to blame.