• EUR/NZD extended decline on Friday as kiwi dollar continued to gain after the RBNZ flagged it is now done easing after cutting rates on Thursday.
• The New Zealand dollar found additional support from upbeat retail sales and business confidence figures.
• The Reserve Bank of New Zealand cut its cash rate by 25 basis points to 2.25% but signaled the easing cycle could be nearing its end as the economy shows early signs of recovery.
• Reserve Bank of New Zealand officials on Thursday expressed confidence in the country’s ongoing economic recovery during testimony before parliament.
• Immediate resistance is located at 2.0410(38.2%fib), any close above will push the pair towards 2.0449(SMA 20).
• Immediate support is seen at 2.0193 (50%fib) and break below could take the pair towards 2.0125(Lower BB).
Recommendation: Good to sell around 2.0230 with stop loss of 2.0350 and target price of 2.0160
