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FxWirePro:EUR/NZD outlook weaker on renewed downside pressure

• EUR/NZD declined on Thursday  as higher commodity prices and  improved risk sentiment boosted kiwi dollar.

• Next week, the RBNZ interest rate decision will take center stage, with expectations that the OCR rate will remain unchanged.

• Technical signals show the pair could lose more ground as RSI is falling at 38, and 9, 11,21 DMA’s are trending south.

• Immediate resistance is located at 1.7811(Daily high), any close above will push the pair towards 1.7837(38.2%fib).

• Immediate support is seen at 1.7736 (23.6%fib) and break below could take the pair towards 1.7652(Mar  8thh low ).

Recommendation: Good to sell round 1.7790, with stop loss of 1.7880 and target price of 1.7700

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