FxWirePro: EUR/NZD set for bigger drop, but close below key fibo needed

• EUR/NZD fell modestly on Wednesday as the kiwi benefited from stronger risk sentiment and firmer commodity markets.

• Broad commodity strength lifted the Kiwi, with record highs in gold and copper supporting the   risk-linked Antipodean currency firm in the year’s final trading week. 

• Silver touched a record high of $72.70 an ounce and was last up 0.7% at $71.94, with prices up 149% year-to-date, far outpacing gold’s gain of over 70%..

• Year-to-date, platinum has climbed around 145% while palladium is up over 85%, with gains driven by tight supply, tariff uncertainty, and a rotation from gold into other precious metals.

• Immediate resistance is located at 2.0233(SMA 20), any close above will push the pair towards 2.0328(38.2%fib).

• Immediate support is seen at 2.0070 (50% fib) and break below could take the pair towards 2.0034(Lower BB).

Recommendation: Good to sell  around 2.0190 with stop loss of 2.0270 and target price of 2.0120