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FxWirePro: EUR/NZD finds strong resistance at 1.6770, good to go long on break above

EUR/NZD chart on Trading View used for analysis

  • Technical Analysis: Intraday Trend: Slightly bullish; Major Trend: Bearish
     
  • EUR/NZD is trading at 1.6727, up 0.38% on the day.
     
  • Upside finds major resistance at 0.6770 (converged 50-DMA and trendline).
     
  • Markets await a skew of economic data from the euroarea along with Draghi's speech which could provide a clear firectional bias for the pair.
     
  • Focus now on German data which includes GDP, Ifo business climate and eurozone inflation data.
     
  • German GDP is expected to show the growth rate stalled in Q4. Disappointing data could add pressure on the single currency. 
     
  • The central bank head is likely to sound dovish, confirming a rate hike is unlikely to happen any time soon.
     
  • Breakout at 1.6770 could see further upside. Test of 100-DMA at 1.6908 then likely.
     
  • On the flipside, poor data could see dip till 1H 200-SMA at 1.6569. Close below 21-EMA support will see resumption of weakness.

Support levels - 1.6652 (21-EMA), 1.6583 (5-DMA) 1.6569 (1H 200-SMA)

Resistance levels - 1.6751 (55-EMA), 1.6770 (converged 50-DMA and trendline), 1.6908 (100-DMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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2019-05-20 01:23:48
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2019-05-20 01:23:24
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