FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(USDCHF and CADJPY) for the day
FxWirePro:GBP/NZD remains bullish as rally continues
• GBP/ NZD rose on Thursday as rally was fuelled by hawkish FOMC and lower commodities prices.
• Today’s rise has passed through the 38.2% fibonacci retrace point at 2.0299and now eyes the 2.0463 (23.6%fib).
• Technical signals show the pair could gain more ground in the short-term as RSI is at 77 ,daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 2.0382 (Higher BB), any close above will push the pair towards 2.0463 (23.6%fib).
• Support is seen at 2.0299(38.2%fib) and break below could take the pair towards 2.0234 (5DMA).
Recommendation: Good to buy around 2.0300, with stop loss of 2. 0200 and target price of 2.0380.