FxWirePro: USD/JPY grinds lower, dollar shows broad-based weakness as Fed drops some hawkish rhetoric
FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (AUDUSD and USDCAD) for the day)
FxWirePro: GBP/NZD Thursday’s gains wiped out as bears bite back on UK retail sales miss
• GBP/NZD declined sharply on Friday as worse than expected UK December retail sales data weighed on sterling .
• Sales volumes were down by 5.8% compared with December 2021, the biggest fall for that month in records going back to 1997, and the ninth month in a row that they fell in annual term
•The is pair heading towards the lower bollinger band, as near term direction of the pair is likely to be driven by current price action.
• Technical are bearish, daily RSI is negative at 49, daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.9226 (50% fib), any close above will push the pair towards 1.9300 (Dec 26th high).
•Strong support is seen at 1.9157 (9DMA) and break below could take the pair towards 1.9083(38.2% fib).
Recommendation: Good to sell on around 1.9170, with stop loss of 1.9260 and target price of 1.9100