• EUR/NZD declined on Friday as the pair attracted sellers after May's non-farm payrolls report showed employment numbers surged.
• The report showed that payrolls in the public and private sector increased by 339,000 in May, surging past expectations.
• The pair currently is approaching support at 50% fib. A break under 1.7470 would unmask 1.7550 level in the short term.
• Technical signals are bearish as RSI is trending lower, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.7713 ( 5 DMA), any close above will push the pair towards 1.7746 (23,6% fib)
• Support is seen at 1.7618 (50% fib ) and break below could take the pair towards 1.7491 (61.8% fib).
Recommendation: Good to sell on rally around 1.7680, with stop loss of 1.7750 and target price of 1.7600.
