FxWirePro: EUR/NZD extends drop, faces 23.6% fib support
• EUR/NZD declined on Thursday as higher commodities prices boosted commodity linked kiwi dollar.
• U.S. crude prices were up 0.9% after the International Energy Agency raised its oil demand growth forecast for this year.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 33 bearish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.6133 (38.2%fib), any close above will push the pair towards 1.6192(14DMA).
• Strong support is seen at 1.6000(Lower BB) and break below could take the pair towards 1.5937 (23.6% fib )
Recommendation: Good to buy around 1.6050 with stop loss of 1.6150 and target price of 1.5950