Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/NZD rebounds, critical resistance lies ahead

• EUR/NZD initially dipped  on Wednesday  on renewed bank contagion fears  but rebounded as investors awaited ECB interest rate decision.

• European Central Bank policymakers are leaning towards a half-percentage-point rate hike on Thursday, as the banking sector turmoil is dissipating.

• The current uptrend is likely to continue as long as the pair does not move below 50% fib support.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 53 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up.

• Immediate resistance is located at 1.7213 (38.2%fib), any close above will push the pair towards 1.7352 (Higher BB).

• Strong support is seen at 1.7069(50% fib) and break below could take the pair towards 1.6968(March 15th low )

Recommendation: Good to buy around 1.7150 with stop loss of 1.7050  and target price of 1.7230

  • Market Data
Close

Welcome to EconoTimes

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