FxWirePro: NZD/USD retains bearish bias, upbeat New Zealand trade surplus data fails to impress Kiwi bulls
FxWirePro: EUR/NZD hits 3-months high, upside bias remains
• EUR/NZD rally extended above 1.8000 on Friday as euro was boosted by upbeat Euro zone trade surplus data.
•Euro zone’s trade surplus rose in June to 21.2 billion euros ($25 billion) as the bloc’s drop in imports amid a global slide in trade due to the coronavirus pandemic.
• EUR/NZD bulls confidence is running high, a test of the 1.8226 (23.6% fib) highly seem s likely.
• From a technical viewpoint, RSI is strongly bullish at 73.00, daily momentum studies, 5, 10 and 21 daily MAs all climb.
• Immediate resistance is located at 1.8119 (Higher BB), any close above will push the pair towards 1.8226 (23.6% fib).
• Immediate support is seen at 1.7966 (38.2% fib) and break below could take the pair towards 1.7935 (5 DMA).
Recommendation: Good to buy on dips around 1.8000 with stop loss of 1.7756 and target price of 1.8210.