FxWirePro: NZD/USD extends bearish streak for the 5th straight session, breach below cloud support will see more downside
FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch(GBPUSD and CADJPY) for the day
FxWirePro: EUR/NZD consolidating around 1.6790, bias is bullish
• EUR/NZD initially dipped on Thursday but recovered ground as ECB fragmentation plan helped buoy the euro.
• The is pair heading towards the 23.6%fib, as near term direction of the pair is likely to be driven by current price action.
• Pair traded in 1.6667/1.6847 range and was last trading at 1.6792 into the US afternoon.
• Technical signals are bullish as RSI is at 60, daily momentum studies 9,11 and 14 DMAs are trending up.
• Immediate resistance is located at 1.6684( Higher BB), any close above will push the pair towards 1.6921(23.6%fib).
• Strong support is seen at 1.1679 (38.2%fib ) and break below could take the pair towards 1.6667 (21DMA).
Recommendation: Good to buy around 1.6770, with stop loss of 1.6680 and target price of 1.6850.