FxWirePro- Currency Strength Index (4- Hour chart)- Currency pairs to watch (EURAUD and EURJPY) for the day)
FxWirePro :EUR/NZD hits 7-month high, good to buy on dips
• EUR/NZD rose higher on Monday on as broad based New Zealand dollar selling drove EUR/NZD sharply higher towards.
• New Zealand dollar attracted selling as equities , commodities added to losses, reinforcing risk-off.
•The pair reaches 1.7060 after extending north from 1.6784 (Daily low). 1.7060 is the highest level since 17th Feb 2022.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 62 bullish, daily momentum studies 5, 10 and 21 DMAs are trending up.
• Immediate resistance is located at 1.7065 (23.6% fib), any close above will push the pair towards 1.7088 (Higher BB).
•Strong support is seen at 1.6916 (5DMA) and break below could take the pair towards 1.6836 (38.2% fib ).
Recommendation: Good to buy around 1.6950, with stop loss of 1.6860 and target price of 1.7080