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FxWirePro: GBP/NZD recovers some ground but bearish outlook persists 
• EUR/AUD initially dipped on weaker euro zone business activity data but recovered some ground on profit talking .
• July composite PMIs showed an unexpected contraction in euro zone stoking concerns about recession in Eurozone.
• At GMT 18:39, the pair was trading down 0.12 percent at $1.4757.
• Technical signals are bearish as RSI is heading down at 56, daily momentum studies 5, 9 and 1 DMAs are trending down.
• Immediate resistance is located at 1.4798 (5 DMA), any close above will push the pair towards 1.4873 (38.2 %fib)
• Support is seen at 1.4653 (23.6 %fib ) and break below could take the pair towards 1.4602 (Lower BB).
Recommendation: Good to sell on rally around 1.4770, with stop loss of 1.4860 and target price of 1.4650.
