FxWirePro:EUR/NZD extends drop, faces 50%fib support

• EUR/NZD declined on Wednesday as  kiwi dollar rose after Reserve Bank of New Zealand (RBNZ)  delivered record rate hike. 

• The Reserve Bank of New Zealand lifted the RBNZ’s policy rate up to 4.25% which is the highest rate amongst G10 central banks.

• Technical signals show the pair could lose more ground as RSI is at 37, and 5, 9,11 DMA’s are trending south. 

• Immediate resistance is located at 1.6771(5DMA), any close above will push the pair towards 1.6802 (50%fib).

• Immediate support is seen at 1.6630 (50%fib) and break below could take the pair towards 1.6575( Sep 15th low).

Recommendation: Good to sell round 1.6670, with stop loss of 1.6750 and target price of 1.6550