FxWirePro :EUR/NZD extends gains, faces 38.2%fib resistance

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FxWirePro :EUR/NZD extends gains, faces 38.2%fib resistance

Saturday, August 6, 2022 12:41 AM UTC

• EUR/NZD rose higher on Friday as the pair was boosted by unexpectedly strong US jobs data.

• Data showed nonfarm payrolls increased by 528,000 jobs last month, the largest gain since February.

• EUR/NZD climbs above 1.6300 and holds near the day's high . A break, daily close above 38.2%fib could lead to further gains.

• Technical signals are bullish as RSI is rising, daily momentum studies 5, 9 and 10 DMAs are trending up.

• Immediate resistance is located at 1.6335 ( 38.2%fib), any close above will push the pair towards 1.6297 (26th July high)/

• Support is seen at 1.6250(11DMA ) and break below could take the pair towards 1.6130 (23.6%fib).

Recommendation: Good to buy around 1.6270, with stop loss of 1.6150 and target price of 1.6360

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