Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/NZD hits new 3-month lows at 1.6674, finds strong support at 200-DMA at 1.6661

  • EUR/NZD extends weakness after break below trendline support, bias still bearish.
     
  • Euro slumped across the board overnight as ECB minutes and poor data weighed.
     
  • The ECB minutes showed members remain widely concerned over the risk of trade conflicts and the absence of sustainability in the inflation.
     
  • Further EZ Industrial Production rose less than expected in February. Export Price Index rose 0.3% MoM in March and Import Price Index came in flat.
     
  • German inflation data released earlier today were in lin with expectations.
     
  • The pair is trading 0.17% lower on the day and finds strong support at 200-DMA at 1.6661.
     
  • Technical studies are bearish, but we see resumption of weakness only on decisive break below 200-DMA.
     
  • Scope then for test of 38.2% Fib at 1.6355. Failure at 200-DMA could see retrace upto 100-DMA at 1.6929.

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-NZD-Trade-Idea-1235790) has hit TP2.

Recommendation: Book partial profits at lows. Watch out for break below 200-DMA for further weakness.

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest.
 

  • Market Data
Close

Welcome to EconoTimes

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