FxWirePro: EUR/NZD remains bullish as rally continues

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FxWirePro: EUR/NZD remains bullish as rally continues

Friday, September 30, 2022 10:19 PM UTC

• EUR/NZD rose sharply on Friday riskier commodity-led currencies like kiwi dollar fell sharply after European inflation hit a record high.

• Data showed euro zone inflation zoomed past forecasts to hit 10.0% in September, reinforcing expectations for another jumbo European Central Bank rate hike next month.

• The pair is currently approaching resistance at 38.2%fib. A break and daily close above will accelerate further gains towards 1.6700 level.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 77 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.

• Immediate resistance is located at 1.7528 (23.6%fib), any close above will push the pair towards 1.7694(23.6%fib).

• Strong support is seen at 1.7368(50%fib) and break below could take the pair towards 1.7236 (61.8% fib ).

Recommendation: Good to buy around 1.7480 with stop loss of 1.7380 and target price of 1.7600

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