• EUR/NZD rose higher on Tuesday as falling commodity prices weighed on commodity-price sensitive New Zealand dollar.
•Brent oil dipped after topping $80 per barrel for the first time in nearly three years, while copper prices declined as concerns of slower growth rose.
• EUR/NZD but found buyers at 1.6644, rally lifts the pair towards 1.6800. A break and daily close above 50%fib will accelerate further gains.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 55 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.6828 (50%fib), any close above will push the pair towards 1.6905 (61.8%fib).
• Strong support is seen at 1.6750 (38.2%fib) and break below could take the pair towards 1.6651(23.6% fib )
Recommendation: Good to buy around 1.6770, with stop loss of 1.6700 and target price of 1.6900
