FxWirePro: USD/JPY holds marginal gains, investors await Federal Reserve's guidance for tapering and interest rate hikes
FxWirePro :EUR/NZD maintains bullish bias with focus on 1.7150 level
• EUR/NZD strengthen on Monday as euro was boosted after data showed German retail sales increased in June,adding to hopes for a consumer-driven recovery in Europe's largest economy.
• EUR/NZD bulls have to contend with strong resistance at 1.7026 (38.2%fib). If EUR/NZD longs overcome that level, tests of 1.7115 (Higher BB) resistance is likely.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 55 bullish, daily momentum studies 5, 9 DMAs are trending up.
•Resistance Levels : 1.7055 (38.2%fib) , 1.7111 (Higher BB), 1.7132 (23.6%fib)
• Support Levels: 1.6990 (50%fib), 1.694(11DMA), 1.6923 ( 61.8%fib)
Recommendation: Good to on dips around 1.7000, with stop loss of 1.6920 and target price of 1.7150