• EUR/NZD strengthened on Thursday a cluster of weaker-than-forecast U.S. data and a shock 50bp SNB rate increase supported euro .
•The Swiss National Bank unexpectedly raised its policy rate for the first time in 15 years and the Bank of England followed suit.
• The pair is currently approaching resistance at 38.2%fib. A break and daily close above will accelerate further gains towards 1.6750 level.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 51 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.6592(38.2%fib), any close above will push the pair towards 1.6705(Higher BB).
• Strong support is seen at 1.6523 (21DMA) and break below could take the pair towards 1.6379 (50%fib).
Recommendation: Good to buy around 1.6580 with stop loss of 1.6480 and target price of 1.6750
