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FxWirePro:EUR/NZD falls below 1.6800 after RBNZ rate decision, good to sell on rally

• EUR/NZD declined on Wednesday as the pair attracted sellers after New Zealand central bank held its cash rate   at 0.25%, as expected.

• The EUR/NZD has corrected 0.94% lower from daily high at 1.6963.It was last trading at 1.6765 (GMT 17:30)

• The pairs bearish reaction to RBNZ interest rate decision has left it vulnerable, and it could fall to support 38.2%fib at 1.6648

 • Technicals leans bearish   as RSI is at 49 bullish, and 5, 9,11 DMA’s are trending south. 

• Immediate resistance is located at 1.6791 (21 DMA), any close above will push the pair towards 1.6846 (61.8% fib).

• Immediate support is seen at 1.6746 (50% fib) and break below could take the pair towards 1.6704(50DMA).

Recommendation: Good to sell around 1.6800, with stop loss of 1.6850 and target price of 1.6730
 

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