FxWirePro: EUR/NZD bounces off major trendline support, good to go long on close above 20-DMA at 1.6830

• EUR/NZD has bounced off major trendline support at 1.6620, is currently hovering round 20-DMA at 1.6830.
   
• EUR/NZD is extending upside for 3rd successive day, intraday bias remains neutral.
   
• Breakout above 20-DMA at 1.6830 could see further upside, scope then for test of 1.7175 (upper BB).
   
• 5-DMA at 1.6763 is immediate support, break below will see weakness upto 1.6579 (23.6% Fib retrace of 1.45348 to 1.72109 rally).
   
• Markets will keep a close watch on the NZ politics amid a lack of key fundamental news from New Zealand.
   
• German Q3 GDP and October inflation data will be watched for euro drivers.

Support levels - 1.6763 (5-DMA), 1.6655 (trendline), 1.6458 (38.2% Fib retrace of 1.5233 to 1.7215 rally), 1.6353 (Oct 17 low)

Resistance levels - 1.6830 (20-DMA), 1.6890 (Nov 6 high), 1.7060 (Oct 31 high)

Recommendation: Good to go long on close above 20-DMA, SL: 1.6655, TP: 1.6890/ 1.6960/ 1.70/ 1.7060

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