• EUR/NZD declined on Thursday as commodity-linked New Zealand dollar gained on hopes that OPEC and other crude producers agree to cut output.
•The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia a group known as OPEC+ - held talks on Thursday on record production cuts of up to 20 million barrels per day (bpd).
•Technical signals are bearish as RSI is at 43, daily momentum studies 5, 9 and 10 DMAs are trending down.
•Price action suggests the pair will likely gain more bearish traction in the short term.
• On the upside, Immediate resistance is located at 1.8179 ( 5 DMA), any close above will push the pair towards 1.8284 (50 % fib).
• On the downside, strong support is seen at 1.7921 (5DMA) and break below could take the pair towards 1.7771 (30 DMA).
Recommendation: Good to sell around 1.8100, with stop loss of 1.8600 and target price of 1.7650
