FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(GBPUSD and CADJPY) for the day
FxWirePro:GBP/NZD getting back on track for a run towards 1.9600,good to buy on dips
• GBP/ NZD strengthened on Thursday as month-end position squaring lifted the pair.
• Investors shrugged off official data revealing a record shortfall in the United Kingdom’s current account deficit in early 2022.
• The pair currently is approaching resistance at 1.9570. A break above will unmask 1.9650 level in the short term.
• Immediate resistance is located at 1.9570 (Daily high), any close above will push the pair towards 1.9633 (23.6%fib).
• Support is seen at 1.9465(50%fib) and break below could take the pair towards 1.9402 (38.2%fib).
Recommendation: Good to buy around 1. 9500, with stop loss of 1. 9400 and target price of 1. 9600