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FxWirePro: EUR/NZD hovers around major trendline resistance at 1.6240, further upside only on break above

  • EUR/NZD up 0.51% on the day, trading at 1.6241 at around 0530 GMT.
     
  • The pair resumed upside after brief correction and is currently hovering around major trendline resistance at 1.6240.
     
  • We see further upside on decisive break above. Scope then for test of 1.6469 (June 7, 2016 high).
     
  • Kiwi dented after New Zealand Treasury's bearish GDP forecasts.
     
  • Treasury expects the RBNZ to kick-off tightening in mid-2018. The Treasury also sees a smaller surplus in 2019-21 on lower growth.
     
  • Some profit taking likely in the Euro after run-up ahead of the Jackson Hole Symposium.
     
  • There are chances that ECB's Draghi could disappoint market participants by not touching upon the central bank's tapering plans.

Support levels - 1.62, 1.6140 (5-DMA), 1.6007 (20-DMA), 1.5842 (23.6% Fib retracement of 1.4534 to 1.6246 rally)

Resistance levels - 1.6240 (trendline), 1.63 (psychological level), 1.6545 (50% Fib retrace of 1.8555 to 1.45348 fall)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-EUR-NZD-fails-at-major-trendline-resistance-at-16240-good-to-short-rallies-859630) has been stopped out.

Recommendation: Watch out for break above 1.6240 to go long

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

 

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