Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro :EUR/NZD edges higher but outlook still bearish

• EUR/NZD recovered some ground on Thursday as upbeat Euro zone economic sentiment supported euro.

• EUR/NZD climbs above 1.6500 and holds near the day's high in late US session. The pairs rebound has topped at 1.6505 ( 5 DMA).

• Selling pressure will remain in the short-term, only a move above 1.6569 (50%fib)  strong resistance  will shift the trend upside.

• Technical signals lean bearish as RSI is at 33, daily momentum studies  5, 9 and 10 DMAs are trending down.

• Immediate resistance is located at 1.6505 ( 5 DMA), any close above will push the pair towards 1.6569 (50%fib)

• Support is seen at 1.6452 (38.2% fib) and break below could take the pair towards 1.6314 (23.6%fib).

Recommendation: Good to sell around 1.6500, with stop loss of 1.6600 and target price of 1.6400

  • Market Data
Close

Welcome to EconoTimes

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