FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (USDCHF and GBPJPY) for the day)
FxWirePro: GBP/NZD loses momentum but outlook is bullish
• GBP/NZD initially dipped on back of heightened geopolitical angst on Wednesday but gained some ground on expectations of a 50bp BoE rate hike on Thursday.
• GBP/NZD drops below the 5-DMA , slide halts at the 1.8093 (50%fib).
• GBP/NZD remains bullish, only a break and daily close above 1.9188 (61.8% fib) will shift bias to the upside.
• Technical are bullish, daily RSI is negative at 51, daily momentum studies 5,9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.9368 (5DMA ), any close above will push the pair towards 1.9480 (38.2%fib).
• Strong support is seen at 1.8093 (50%fib) and break below could take the pair towards 1.9285(100DMA).
Recommendation: Good to buy around 1.9350, with stop loss of 1.9250 and target price of 1.9460