FxWirePro: EUR/NZD capped at 5W SMA, momentum studies bearish

EUR/NZD chart on Trading View used for analysis

• EUR/NZD edges lower from session highs at 1.6773, trades 0.28% lower on the day at 1.6684 at the time of writing.
   
• The pair has likely resumed weakness after brief recovery in previous week's trade.
   
• Upside remains capped at 5W SMA at 1.6786, further upside only on break above.
   
• Momentum studies are bearish, we see scope for further weakness.
   
• The pair is exteding choppy trade at 110W-EMA support. Break below to see further downside.
   
• Next major support lies at 200W SMA at 1.6197. Bearish invalidation only above 200-DMA.

Support levels - 1.6564 (Nov 16 low), 1.6357 (weekly cloud base), 1.6197 (200W SMA)

Resistance levels - 1.6820 (20-DMA), 1.6942 (weekly cloud top), 1.7143 (200-DMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.