FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (USDCHF and GBPJPY) for the day)
FxWirePro:GBP/NZD changes short term trend from neutral to bearish
• GBP/NZD initially gained on Wednesday but reversed course as dovish comments by a new policymaker weighed on pound.
•BoE’s incoming policymaker Swati Dhingra said the BoE should move very slowly to tighten monetary policy as economic slowdown is much closer than previously thought.
• In an up-and-down session, the pair hit high at 1.9541 in early trading then gained dipped towards 1.9460.
• Selling pressure will remain in the short-term as price is contained between Higher BB at 1.9599 and 1.9523 (38.2%fib)
• Immediate resistance is located at 1.9527 (38.2%fib), any close above will push the pair towards 1.9599 (Higher BB).
• Immediate support is seen at 1.9435 (9DMA) and break below could take the pair towards 1.9410 (50%fib).
Recommendation: Good to sell round 1.9490, with stop loss of 1.9550 and target price of 1.9430