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FxWirePro: EUR/NZD neutral in the near term, scope for downward resumption

• EUR/NZD initially dipped but recovered  ground on Friday  as investors assessed Federal Reserve Chair Kevin Warsh's speech at Jackson Hole.

• The Fed chair reiterating his focus on bringing inflation back to the central bank's 2% target, ​while offering little guidance on ​future policy moves.

• Traders added to bets on a September rate hike after Warsh also said he felt recent inflation data did not suggest a change in ​trend.

• Traders are now split between a rate hike and a hold in September, as they were before inflation data this month painted a ​mixed picture.

• Immediate resistance is located at 1.9624(SMA 20), any close above will push the pair towards 1.9647(38.2%fib).

• Immediate support is seen at 1.9501(Lower BB) and break below could take the pair towards 1.9462(23.6%fib).

Recommendation: Good to sell  around 1.9600 with stop loss of 1.9650  and target price of 1.9540

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