Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/NZD advantage bears but major supports holds, downside risk remains

• EUR/NZD declined on Thursday as commodity-linked  New Zealand dollar gained  on hopes that OPEC and other crude producers agree to cut output.

•The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia  a group known as OPEC+ - held talks on Thursday on record production cuts of up to 20 million barrels per day (bpd).

•Technical signals are bearish as RSI is at 43, daily momentum studies  5, 9 and 10 DMAs are trending down. 

•Price action suggests the pair will likely gain more bearish traction in the short term.

• On the upside, Immediate resistance is located at 1.8179 ( 5 DMA), any close above will push the pair towards 1.8284 (50 % fib).

• On the downside, strong support is seen at 1.7921 (5DMA) and break below could take the pair towards 1.7771 (30 DMA).

Recommendation: Good to sell around 1.8100, with stop loss of 1.8600  and target price of 1.7650  
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.