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FxWirePro: EUR/NZD hovers around 50-DMA at 1.7006, further weakness only on decisive break below

  • EUR/NZD retraces from session lows at 1.6970, retakes 50-DMA at 1.7006.
     
  • The pair is trading 0.16% higher on the day at 1.7035 levels and we see further weakness only on decisive break below 50-DMA.
     
  • Upside remains capped at 1H 20-EMA at 1.7042. Break above could see minor upside till 21-EMA at 1.7074.
     
  • On the flipside, decisive close below 50-DMA at 1.7006 could see further downside.
     
  • Scope then for test of 110-EMA at 1.6927 ahead of 23.6% Fib at 1.6785 and then channel base at 0.6740. 
     
  • With no global market movers today, Italian politics will continue to remain the main driver.

Support levels - 1.7006 (50-DMA), 1.6927 (110-EMA), 1.6813 (Mar 13 low)

Resistance levels - 1.7074 (21-EMA), 1.7112 (5-DMA), 1.72, 1.7285 (channel top)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-NZD-rejected-at-channel-top-with-Doji-formation-eyes-50-DMA-at-170-1317826) has hit TP1/2. 

Recommendation: Watchout for decisive break below 50-DMA for further weakness.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -45.7625 (Neutral), while Hourly NZD Spot Index was at 19.4244 (Neutral) at 0545 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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