Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/NZD changes short term trend from neutral to bearish

• EUR/NZD initially gained on Tuesday  but gave up most of the ground as   market gauged Fed's rate policy.

• The euro erased Monday’s gains against the kiwi dollar , the pair was last down  at 0.24% at  1.6570 .

• A close below 38.2%fib, would add to pair’s bearish structure, opening the way for 1.6420 level

• From a technical viewpoint, RSI  is strongly bullish at 40, daily momentum studies, 5, 10 and 11 daily  MAs are pointing lower.

• Immediate resistance is located at 1.6608 (14DMA), any close above will push the pair towards 1.6682(50%fib).

• Immediate support is seen at 1.6533 (38.2%fib) and break below could take the pair towards 1.6418(Dec 6th low).

Recommendation: Good to sell  around 1.6570, with stop loss of 1.6690 and target price of 1.6500
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.