• EUR/NZD rose on Wednesday as commodity drop added weight on commodity linked currencies like kiwi dollar.
• Oil prices hit their lowest in a month and a half, while industrial metals like iron ore and copper reached 3.5-month lows due to a bleak outlook for Chinese demand.
•On the data front, Eurozone business activity stalled this month, as weak service sector growth couldn't offset a sharper manufacturing downturn, a survey showed.
•Technical highlight upside risks for EUR/NZD , with momentum studies, 5, 10 and 21 DMAs tracking north.
• Immediate resistance is located at 1.8360 (23.6% fib), any close above will push the pair towards 1.8378 (Aug 31st high).
• Support is seen at 1.8193 (38.2% fib) and break below could take the pair towards 1.8066 (50% fib ).
Recommendation: Good to buy around 1.8270, with stop loss of 1.8120 and target price of 1.8350
