FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(USDCAD and CADJPY) for the day
FxWirePro:GBP/NZD fades from intra day high as soft UK PMI fuels recession fears
• GBP/NZD have up earlier ground on Tuesday as unexpectedly soft PMI data revived UK recession fears weighing on sterling.
• Data showed a sharp slowdown in business activity, adding to concerns that the UK could slip into recession later this year.
• Technical are bearish, daily RSI is negative at 49, daily momentum studies 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.9485 (5DMA), any close above will push the pair towards 1.9540 (38.2%fib)
• Immediate support is seen at 1.9375 (23.6%fib ) and break below could take the pair towards 1.9247 (9 May low).
Recommendation: Good to sell around 1.9450, with stop loss of 1.9650 and target price of 1.9350