FxWirePro: GBP/NZD Trade Idea

GBP/NZD chart on Trading View used for analysis

FxWirePro Currency Strength Index for GBP/NZD: Bias Bearish
FxWirePro's Hourly GBP Spot Index was at -134.906 (Bearish)
FxWirePro's Hourly NZD Spot Index was at 58.133 (Neutral)

Technical Analysis: Bias Bearish
- Price action has slipped below 200-DMA and daily cloud
- Breaks major trendline support at 1.9315
- Momentum studies bearish, RSI sharply lower
- MACD supports downtrend and ADX is rising in support of the trend

Weekly Data Watch:
- UK employment data (Tue)
- UK CPI inflation (Wed)
- UK Retail Sales (Thur)

Support levels - 1.9087 (88.6% Fib), 1.90, 1.8909 (June 5 low)
Resistance levels - 1.9243 (78.6% Fib), 1.9304 (5-DMA), 1.9413 (200-DMA)

Recommendation: Stay short on upticks, SL: 1.93, TP: 1.9087/ 1.90/ 1.89

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