FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(EURUSD and GBPJPY) for the day
FxWirePro :EUR/NZD consolidating around 1.6625,bias is bullish
• EUR/NZD rose higher on Wednesday as the pair continued to benefit from hawkish comments from ECB and weaker kiwi dollar.
•Pair traded in 1.6534/1.6643 range and was last trading at 1.6629 into the US afternoon.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 63 bullish, daily momentum studies 5, 10 and 11 DMAs are trending up.
•Immediate resistance is located at 1.6649(38.2% fib), any close above will push the pair towards 1.6693 (16th May high).
•Strong support is seen at 1.6577 (5DMA) and break below could take the pair towards 1.6498 (50% fib ).
Recommendation: Good to buy around 1.6610, with stop loss of 1.6500 and target price of 1.6700