FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(EURUSD and GBPJPY) for the day
FxWirePro:EUR/NZD maintains bullish bias with focus on 1.6700
• EUR/ NZD rose past 1.6600 on Tuesday as hawkish remarks from European Central Bank Chief Christine Lagarde continued to boot euro.
• Bulls have tightened their grip after registering a close above the 1.9352 (38.2%fib),scope grows for bigger gains towards 1.9850.
• Technical signals are strongly bullish as RSI is bullish at 61, 5, 9,11 DMAs are trending up.
• Immediate resistance is located at 1.6683(23.6%fib), any close above will push the pair towards 1.6765 (11th May high).
• Immediate support is seen at 1.6558 (5DMA) and break below could take the pair towards 1.6449 (38.2%fib).
Recommendation: Good buy around 1.6600, with stop loss of 1.6460 and target price of 1.6700