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USDCHF Triple Bottom at 0.7920 Under Threat: Bearish Signals Dominate – Sell Rallies Targeting 0.7865

FxWirePro: GBP/NZD retreats slightly but trend is still bullish

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FxWirePro: EUR/NZD neutral in the near-term, scope for downward resumption

Thursday, September 7, 2023 9:33 PM UTC

• EUR/NZD dipped d on Thursday as Eurozone GDP data added pressure on already weak Eurozone growth outlook.

• Eurozone's Q2 economic expansion fell short of initial estimates, grows by 0.1%, the latest figures from Eurostat showed on Thursday.

• A fresh bearish signal has emerged today , break of support 1.8163(38.2% fib) will bring 1.8100 level in focus.

• Technicals highlight dowside risks. The 5, 9 and 11 day moving averages are trending south, daily RSI is pointing downwards.

• Immediate resistance is located at 1.8215(9DMA), any close above will push the pair towards 1.8328 (23.6%fib).

• Strong support is seen at 1.8163(38.2% fib) and break below could take the pair towards 1.8116(Lower BB )

Recommendation: Good to sell around 1.8200, with stop loss of 1.8280 and target price of 1.8140

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FxWirePro: EUR/NZD neutral in the near-term, scope for downward resumption

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