FxWirePro: EUR/NZD edges above daily cloud, eyes 38.2% Fib at 1.6911

EUR/NZD chart - Trading View 

• EUR/NZD edges above daily cloud, trades 0.18% higher at 1.6833 at 0545 GMT.
   
• The pair is edging higher for the 5th straight week. Momentum with the bulls. 
   
• Technical studies support gains in the pair. Price action is above moving averages.
   
• Volatility is expanding as indicated by widening in the Bollinger Bands. RSI shows strength above 60 levels.
   
• GMMA indicator has shown a shift in trend with shorter term averages edging above the longer term averages.
   
• Next immediate bull target lies at 38.2% Fib at 1.6911 and then 200-DMA at 1.6995.
   
• Cloud offers immediate support at 1.68. Break below could see weakness till 110-EMA at 1.6736.

Support levels - 1.6782 (5-DMA), 1.6736 (110-EMA), 1.6679 (21-EMA)

Resistance levels - 1.6898 (Upper BB), 1.6911 (38.2% Fib), 1.70 (200-DMA) 

Recommendation: Good to stay long on dips, SL: 1.6735, TP: 1.6910/ 1.67

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