FxWirePro: AUD/JPY trades weaker, AUD depressed amid downbeat Australia Retail Sales and risk-off sentiment
FxWirePro: EUR/JPY consolidates above 21-EMA after poor German IFO data, 'Golden Cross' on hourly charts limits downside
FxWirePro: GBP/CHF dives over 0.50%, pound weighed down by possibility of a extended lockdown and dismal UK macro data
FxWirePro: GBP/NZD rallies above 1.9500 but reversal is likely
• GBP/NZD recovered ground on Tuesday as recovery rally from 1.9362 was aided by some profit-taking.
• The pullback from the low has passed through the 23.6% fibonacci retrace level at 1.9495 and now eyes 9 DMA at 1.9640.
• Bulls will need a clear 1.9782 ( 38.2% fib) to take greater control, failure to break higher will spur fresh downward momentum.
• Technical signals are mixed as RSI has turned higher sharply higher, moving averages are trending down.
• Immediate resistance is located at 1.9640 ( 9 DMA), any close above will push the pair towards 1.9782 ( 38.2% fib).
• Immediate support is seen at 1.9498 (23.6%fib) and break below could take the pair towards 1.9287(Lower BB).
Recommendation: Good to sell around 1.9600, with stop loss of 1.9785 and target price of 1.9400.