- EUR/NZD hits 6-week highs at 1.7113 before paring some gains to hover around 1.71 handle.
- The pair is showing break above daily cloud which raises scope for further upside.
- Technical analysis shows a bullish bias. Price action rages above major moving averages.
- +DMI has shown a crossover on -ve DMI and we see a bullish MACD line crossover on signal line.
- Momentum studies are bullish. RSI strong at 60, bias higher. Next major bull target lies at 1.7245.
- On the flipside, 100-DMA is major support at 1.6927, we see weakness on break below.
Support levels - 1.6961 (5-DMA), 1.6927 (100-DMA), 1.6883 (200-DMA)
Resistance levels - 1.71, 1.7163 (Mar 21 high), 1.7245 (trendline)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-NZD-Trade-Idea-1388532) has hit TP1.
Recommendation: Book partial profits at highs, bias higher, stay long for further upside.
