• EUR/NZD rally extended rally above 1.7475 on Friday as kiwi dollar weakened on fears of global recession fears and weak oil demand.
• Oil prices landed down more than 3% as fears of a global recession and weak oil demand, outweighed support from a large cut to the OPEC+ supply target.
• The pair rallies above the 1.6800 , stops short of key 1.6853 (23.6%fb) resistance zone.Break above will accerate towards 1.6880
• From a technical viewpoint, RSI is strongly bullish at 64, daily momentum studies, 5, 10 and 21 daily MAs all climb.
• Immediate resistance is located at 1.7516(23.6%fb), any close above will push the pair towards 1.7636 (Higher BB).
• Immediate support is seen at 1.7341 (9DMA)and break below could take the pair towards 1.7213 (38.2%fb).
Recommendation: Good to buy on dips around 1.7460, with stop loss of 1.7300 and target price of 1.7560
