• EUR/ NZD initially gained on Monday but reversed course as investors assessed comments from Federal Reserve officials to try and determine the central bank's path of rate hikes.
• Vice Chair Lael Brainard said on Monday the central bank would likely slow its interest rate hikes soon, but emphasized the Fed still had more work to do.
•The pair is approaching 38.2%fib support,a daily close below will accelerate towards 1.6800 in the short term.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is bearish at 46.
• Immediate resistance is located at 1.6943( 14DMA), any close above will push the pair towards 1.7049( 50%fib).
• Strong support is seen at 1.6860 (38.2%fib) and break below could take the pair towards 1.6816(Nov 8th low).
Recommendation: Good to sell around 1.6950 with stop loss of 1.7070 and target price of 1.6850
