FxWirePro: EUR/NZD attracts selling interest, vulnerable to more downside
• EUR/NZD declined on Wednesday as the pair attracted sellers after lower-than-expected U.S. inflation print for July dampened Federal Reserve rate hike in September.
• Traders slashed bets the Fed will deliver a third straight 75 bps interest rate increase in September after U.S. consumer prices did not rise.
• EUR/NZD dived below the 38.2%fib and trades down to a 1.6077 low.
• Technical lean bearish, RSI is turning sharply lower, momentum studies, 9, 11 DMAs falling southwards.
• Immediate resistance is located at 1.6198 ( 38.2%fib), any close above will push the pair towards 1.6274(21 DMA)
• Support is seen at 1.6025 ( Lower BB) and break below could take the pair towards 1.5979 (23.6%fib).
Recommendation: Good to sell on rally around 1.6100, with stop loss of 1.6210 and target price of 1.6000.
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