FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(AUDUSD and CADJPY) for the day
FxWirePro:GBP/NZD consolidates around 1.9460, maintains bullish bias
• GBP/ NZD strengthened on Thursday as sterling was boosted after Britain announced a 25% windfall tax on oil and gas producers' profits.
• The pair currently is approaching resistance at 38.2%fib. A break above will unmask 1.9600 level in the short term.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 54 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.9483 (38.2%fib), any close above will push the pair towards 1.9561(May 24th High).
• Support is seen at 1.9419(5DMA) and break below could take the pair towards 1.9291 (38.2%fib).
Recommendation: Good to buy around 1. 9450, with stop loss of 1. 9360 and target price of 1. 9550