FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(AUDUSD and CADJPY) for the day
FxWirePro: GBP/NZD reverses recent rally, bias back to downside
• GBP/NZD declined on Friday as risk-on flows and higher commodity prices triggered sell off in the pair.
• The pair is currently approaching support at 38.2%fib. A break and daily close below will accelerate trend further lower towards 1.9150 level.
• Technical signals are bearish as RSI is lower at 46, moving averages are heading south.
• Immediate resistance is located at 1.9392 ( 5DMA), any close above will push the pair towards 1.9479 ( 50% fib).
• Immediate support is seen at 1.9270 (38.2%fib) and break below could take the pair towards 1.9192(Lower BB).
Recommendation: Good to sell around 1.9310, with stop loss of 1.9430 and target price of 1.9200.