FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (EURAUD and EURJPY) for the day
FxWirePro: EUR/NZD regains upward momentum after early fall, good to buy on dips
• EUR/NZD initially decline on Thursday but recovered most of the ground as the pairs bullish allure persisted across the board post hawkish Fed statement.
• EUR/NZD initially dipped but found buyers at 1.6894, recovery lifts the pair above psychological level (1.7000) level. A break and daily close above 1.7065 (23.6%fib) will accelerate further gains.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 58bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.7065 (23.6%fib), any close above will push the pair towards 1.7113(Higher BB).
• Strong support is seen at 1.6990 (38.2% DMA) and break below could take the pair towards 1.6920(50% fib )
Recommendation: Good to buy around 1.6980, with stop loss of 1.6900 and target price of 1.7100
What is a semiconductor? An electrical engineer explains how these critical electronic components work and how they are made