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FxWirePro: EUR/AUD neutral in the near term, scope for downward resumption

• EUR/NZD traded in tight range on Tuesday as investors avoided taking new positions in the pair ahead of Thursday’s ECB meeting.

• EUR/NZD saw some mild recovery on Tuesday, having failed to break below23.6% fib,A close below the 23.6% fib at 1.6164 would add further bearish pressure.

• Technical signals are bearish as RSI is at 30, daily momentum studies  5,9 and 10 DMAs are trending down.

•  Immediate resistance is located at 1.6216 (5DMA), any close above will push the pair towards 1.6278(38.2%fib)

• Strong  support is seen at 1.6164 (23.6% fib ) and break below could take the pair towards 1.6082 (Lower BB).

Recommendation: Good to sell  around 1.6200, with stop loss of 1.6300 and target price of 1.6080.

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