FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (AUDUSD and USDCAD) for the day)
FxWirePro:GBP/NZD bulls take advantage of upbeat US jobs data,good to buy on dips
• GBP/NZD rose on Friday as shockingly strong US jobs, lifted the pair higher.
• Non-farm payrolls surged by 517,000 jobs last month, economists polled had forecast
payrolls increasing of 185,000.
• A rally towards 1.9200 is possible if GBP/NZD bulls overcome resistance 1.9068(50%fib).
• Technical signals are bullish as RSI is rising, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.9068(50%fib), any close above will push the pair towards 1.9135 (50DMA)
• Strong support is seen at 1.8854(38.2%fib) and break below could take the pair towards 1.8787 (Sep 28th low).
Recommendation: Good buy around 1.9040, with stop loss of 1.8900 and target price of 1.9150.