FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (USDCHF and GBPJPY) for the day)
FxWirePro:GBP/NZD regains upwards momentum but unable to hold above 14-DMA
• GBP/NZD initially gained on Tuesday but gave up ground as investors eyed U.S. inflation data due on Wednesday .
• Wednesday's highly anticipated July U.S. CPI report, could put shorts in danger.
• At GMT 18:11, the pair was trading up 0.20 percent at 1.9244 after reaching daily high at 1.9295.
• Technical are bearish, daily RSI is negative at 46, daily momentum studies 11and 14 DMAs are trending down.
• Immediate resistance is located at 1.9239(14DMA), any close above will push the pair towards 1.9408(38.2%fib)
• Immediate support is seen at 1.9192 (23.6%fib ) and break below could take the pair towards 1.9149 (Lower BB).
Recommendation: Good to sell around 1.9250, with stop loss of 1.9350 and target price of 1.9190.