FxWirePro:GBP/AUD downside pressure is building, chances of a bigger collapse to key fibo support grows
FxWirePro: GBP/NZD downside pressure is building, chances of a bigger collapse to key fibo support grows
FxWirePro:EUR/NZD close below key fibo adds to the bearish bias, good to sell on rally
• EUR/NZD declined on Wednesday as rise in commodity prices boosted the commodity-price sensitive New Zealand dollar .
• Selling pressure will remain in the short-term, only a move above 1.7013 (38.2%fib)strong resistance will shift the bias higher.
• Recent drop has put EUR/NZD back below 50%fib and has put the 61.8% fib back in play.
• Technically 5 day and 11-day momentum remains negative and RSI beginning to head down.
• Immediate resistance is located at 1.6946 (50%fib), any close above will push the pair towards 1.7013 (38.2%fib).
• Immediate support is seen at 1.6981 (Daily low) and break below could take the pair towards 1.6875 (61.8% fib).
Recommendation: Good to sell round 1.6950, with stop loss of 1.7020 and target price of 1.6880