FxWirePro:EUR/NZD capped by the 38.2% fibonacci, good to sell on rallies
• EUR/NZD gained some ground on Friday as further straining of U.S.-China ties drove the cross pair higher.
• The pair hit daily high at 1.7936 and was last trading at 1.7894 at (GMT 17:51). .
• Technical favours bears, RSI is negative at 47 & pair trades below 11 & 21-DMAs.
•The pair has traded a 103 pip range thus far on Friday .Unless there is major news the pair downtrend is set to resume.
• Immediate resistance is located at 1.7948 ( 38.2%fib), any close above will push the pair towards 1.7966 (30 DMA).
• Immediate support is seen at 1.7763 (100 EMA ) and break below could take the pair towards 1.7652 (100 DMA).
Recommendation: Good to sell around 1.7930, with stop loss of 1.8000 and target price of 1.7700.