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FxWirePro: EUR/NZD pauses downtrend and consolidates

• EUR/NZD decline extended towards 1.5760 on Thursday as  dollar selling and   higher commodity prices,  boosted kiwi dollar.

• Risk-sensitive currencies like kiwi dollar strengtheneed against euro as copper and nickel reached  decade peaks, while oil and iron ore extended recent rise.

• The pair dipped but stabilisation above 1.6650,break 38.2%fib above will  open  the door towards 1.6750 level.

• From a technical viewpoint, RSI  is strongly bullish at 54, daily momentum studies, 11,14 and 21 daily  Mas climb.

• Immediate resistance is located at 1.6678 (38.2%fib), any close above will push the pair towards 1.6781 (Higher BB).

• Immediate support is seen at 1.6650 (5DMA) and break below could take the pair towards 1.6579(50%fib).

Recommendation: Good to buy on dips around 1.6620, with stop loss of 16576 and target price of 1.6750.
 

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