FxWirePro: EUR/NZD hits new 13-month lows at 1.6329, on track to test 200W SMA at 1.62

EUR/NZD chart on Trading View used for analysis

• EUR/NZD hits new 13-month lows at 1.6329, bias is bearish. 
   
• The pair is trading at 1.6367, paring losses after hitting lows of 1.6329.  
   
• The pair finds major support at 0.6357 (weekly cloud), break below to see further downside.
   
• Price has broken below 110W EMA and is extending downtrend since Oct and momentum is still with the bears.
   
• Break below weekly cloud eyes 200W SMA at 1.62. Violation there will see test of 61.8% Fib at 1.5831.
   
• 5-DMA is immediate resistance at 1.6435. Bearish invalidation only above 200-DMA.

Support levels - 1.62 (200W SMA), 1.5831 (61.8% Fib)

Resistance levels - 1.6435 (5-DMA), 1.6678 (21-EMA)

Recommendation: Good to go short on decisive break below weekly cloud, SL: 1.6680, TP: 1.62/ 1.5831.

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