FxWirePro: EUR/JPY extends range trade for the 2nd straight session, break below 200H MA to see more downside
FxWirePro: NZD/USD erases early gains, break below trendline support (0.7130) to drag the pair lower
FxWirePro:EUR/NZD close below key fibo adds to the bearish bias, good to sell on rally
• EUR/NZD declined on Friday as traders remained short as the currency took a breather from a recent rally.
• Selling pressure will remain in the short-term, only a move above 1.6922 ( 23.6% fib) strong resistance will shift the bias higher.
• Recent drop has put EUR/NZD back below 38.2%fib and has put the 50% fib 1.6707 at back in play
• Technical signals show the pair could lose more ground as RSI is at 49 bearish, and 5, 30 DMA’s are trending south.
• Immediate resistance is located at 1.6774 (Ichimoku cloud top), any close above will push the pair towards 1.6810 (38.2%fib).
• Immediate support is seen at 1.6707 (50%fib) and break below could take the pair towards 1.6683 (Ichimoku cloud base).
Recommendation: Good to sell round 1.6710, with stop loss of 1.6720 and target price of 1.6650