FxWirePro: GBP/NZD Trade Idea

GBP/NZD chart on Trading View used for analysis

FxWirePro Currency Strength Index for GBP/NZD: Bias Bullish
FxWirePro's Hourly GBP Spot Index was at 103.87 (Bullish)
FxWirePro's Hourly NZD Spot Index was at -164.153 (Bearish)

Technical Analysis: Bias Bullish
- Momentum studies bullish. RSI above 50 levels, bias higehr
- MACD shows bullish crossover, +ve DMI crossover on -ve DMI seen
- Price action has broken above daily cloud
- Price breaks strong trendline resistance at 1.9490

Fundamental Views:
- Kiwi offered across the board in response to dismal NZ business confidence reading.
- The ANZ business confidence reading fell to -50.3 in August from the previous month's print of -44.9. 
- Upbeat momentum in the sterling was triggered on comments from the European Union’s chief Brexit negotiator Michel Barnier.
-  Barnier said the bloc was prepared to offer Britain an unprecedentedly close relationship after it quits the EU.

Support levels - 1.9338 (50-DMA), 1.9314 (5-DMA), 1.9255 (200-DMA)
Resistance levels - 1.9739 (200W SMA), 1.9838 (Nov 2017 high)

Recommendation: Good to go long on dips, SL: 1.9320, TP: 1.96/ 1.9735

For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.