FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(GBPUSD and CADJPY) for the day
FxWirePro: EUR/NZD attracts selling interest, vulnerable to more downside
• EUR/NZD declined on Friday as higher oil prices and disappointing German Ifo data weighed on the piar.
•German business morale fell more than expected in June. The Ifo Institute said its business climate index fell to 92.3 from 93.0 in May.
• Oil rose more than 2% on tight supply, although crude is headed for a second weekly decline amid fears that rising interest rates could push the global economy into recession.
• The pair picked up downside momentum and is approaching 1.6653(11DMA) ,A close below will open up 1.6600 level.
• Immediate resistance is located at 1.6727(50%fib), any close above will push the pair towards 1.6806(Higher BB).
• Strong support is seen at 1.6653(11DMA) and break below could take the pair towards 1.6574 ( 61.8%fib).
Recommendation: Good to sell around 1.6700, with stop loss of 1.6800 and target price of 1.6620