FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (NZDUSD and USDJPY) for the day)
FxWirePro :GBP/NZD drifts lower,could be on verge of a bigger drop
• GBP/NZD declined on Wednesday as Credit Suisse crisis hits risk appetite.
• Credit Suisse shares hit a record low on Wednesday in a rout of European bank stocks, as investor concerns about sector stresses triggered by Silicon Valley Bank's implosion deepened.
• The pair is approaching to test 38.2%fib support. A break under would unmask 1.9300 level in the short term.
•Technical signals are bearish as RSI is turning lower , daily momentum studies 5, 9 and 11 DMAs are trending down
• Immediate resistance is located at 1.9541 (5DMA), any close above will push the pair towards 1.9618 (50%fib).
• Immediate support is seen at 1.9442 (38.2%fib ), break below could take the pair towards 1.9304 (March 8th low).
Recommendation: Good to sell around 1.9490 with stop loss of 1.9580 and target price of 1.9400