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FxWirePro :EUR/NZD attracts buying interest, 50% fibonacci eyed

• EUR/NZD rose higher on Friday on as China growth concerns, sliding iron ore prices undermined kiwi dollar.

• The slide in the kiwi came even after the Reserve Bank of New Zealand (RBNZ) hiked cash rates by 50 basis points to 3% and projected a peak for rates of at least 4%.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 51 bullish, daily momentum studies  5, 10 and 11 DMAs are trending  up. 

• Immediate resistance is located at 1.6268(50% fib), any close above will push the pair towards 1.6336 (Aug  5th high).

• Strong support is seen at 1.6171 (5DMA) and break below could take the pair towards 1.6086 (38.2% fib ).

Recommendation: Good to buy around 1.6240, with stop loss of 1.6120 and target price of 1.6360

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