FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (EURUSD and AUDUSD) for the day)
FxWirePro: EUR/NZD consolidating around 1.7135,bias is bullish
• EUR/NZD strengthened on Thursday after German inflation data strengthened the case for another big interest rate hike.
•ECB policymakers voiced more support on Thursday for another big interest rate hike as inflation in the euro zone's biggest economy hit double digit.
• The is pair approaching to test 23.6%fib, break above will accelerate towards1.7230.
• Technical signals are bullish as RSI is at 72, daily momentum studies 5,9 and 10 DMAs are trending up.
• Immediate resistance is located at 1.7182( 23.6%fib), any close above will push the pair towards 1.7265(Higher BB).
• Strong support is seen at 1.6993 (38.2%fib ) and break below could take the pair towards 1.6923 (9DMA).
Recommendation: Good to buy around 1.7135, with stop loss of 1.7000 and target price of 1.7230.