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FxWirePro:EUR/NZD bulls lose traction ahead Of RBNZ policy decision

• EUR/NZD initially gained on upbeat German import/export data  but gave up some ground ahead RBNZ policy decision on Wednesday.

• The Reserve Bank of New Zealand is likely to scale back its tightening pace to a quarter-point rate hike on Wednesday as inflation runs hot even as the economy slows.

•The pair   retreated to 1.7356 after   finding resistance at 1.7398, EUR/ NZD   need a break below 38.2% fib to clear  assault on 1.7500 level

• Technical signals are bullish as is trending north at RSI is at 57  , daily momentum studies  5, 10 and 21 DMAs are trending  up.

• Immediate resistance is located at 1.7398 (38.2% fib), any close above will push the pair towards 1.7495 (March 30th high).

• Strong support is seen at 1.7293 (20DMA) and break below could take the pair towards 1.7248 (50% fib )

Recommendation: Good to buy around 1.7350, with stop loss of 1.7250 and target price of 1.7450

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