FxWirePro Currency Strength Index for GBP/NZD : Bias Bullish
FxWirePro's Hourly GBP Spot Index was at 122.897 (Bullish)
FxWirePro's Hourly NZD Spot Index was at -146.436 (Bearish)
Technical Analysis: Bias Bullish
- Momentum studies are highly bullish
- RSI shows strength above 68 levels with room to run further
- Price action has broken above daily cloud
- +ve DMI dominance adds to bullish bias
Fundamental Factors:
- Unexpected rise in UK construction PMI supports the pound.
- Data released earlier today showed UK construction PMI unexpectedly rose to 53.1 in June, seven-month highs.
Support levels - 1.9454 (5-DMA), 1.9448 (cloud top), 1.9285 (21-EMA)
Resistance levels - 1.9735 (trendline), 1.9838 (Dec 1 high), 1.9995 (38.2% Fib)
Recommendation: Good to go long on dips around 1.9520/50, SL: 1.9445, TP: 1.9735/ 1.9840/ 1.9995
For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
