FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (GBPAUD and GBPJPY) for the day)
FxWirePro: GBP/ NZD key resistance keeps bulls frustrated
• GBP/NZD strengthened on Tuesday as GBP benefited from weaker kiwi dollar, but gains were limited on worries about Brexit risks and economic woes.
• The rallied above 1.9500 level, lift stops after finding resistance at 1.9533 (23.6%fib ).
• Pair traded in 1.9457/1.9527 range and was last trading at 1.9495 into the US afternoon.
• Technical are bullish, daily RSI is negative at 55, daily momentum studies 5,9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.9533 (23.6%fib ), any close above will push the pair towards 1.9581(Higher BB).
• Strong support is seen at 1.9424 (9DMA) and break below could take the pair towards 1.9382 (38.2%fib).
Recommendation: Good to buy around 1.9470, with stop loss of 1.9360 and target price of 1.9550