FxWirePro: EUR/ NZD positions for another climb, eyes 1.7400 level

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FxWirePro: EUR/ NZD positions for another climb, eyes 1.7400 level

Thursday, October 6, 2022 11:11 PM UTC

• EUR/ NZD strengthened on Thursday as the pair attracted buyers as investors were focused Friday's payrolls report.

• U.S. non-farm payrolls for September are due to be released on Friday, with economists forecasting a headline print of 250,000 new jobs, compared with 315,000 in August.

• The pair currently is approaching resistance at 38.2%fib. A break above would unmask 1.7500 level in the short term.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 63,while moving averages and MACD are trending higher.

• Immediate resistance is located at 1.7364( 38.2%fib), any close above will push the pair towards 1.7454 (Daily High).

• Immediate support is seen at 1.7211 (50%fib) and break below could take the pair towards 1.7174 (11DMA).

Recommendation: Good to buy around 1.7250, with stop loss of 1.7170 and target price of 1.7400

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