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EUR/NZD chart on Trading View used for analysis
- EUR/NZD edges lower from session highs at 1.6773, trades 0.28% lower on the day at 1.6684 at the time of writing.
- The pair has likely resumed weakness after brief recovery in previous week's trade.
- Upside remains capped at 5W SMA at 1.6786, further upside only on break above.
- Momentum studies are bearish, we see scope for further weakness.
- The pair is exteding choppy trade at 110W-EMA support. Break below to see further downside.
- Next major support lies at 200W SMA at 1.6197. Bearish invalidation only above 200-DMA.
Support levels - 1.6564 (Nov 16 low), 1.6357 (weekly cloud base), 1.6197 (200W SMA)
Resistance levels - 1.6820 (20-DMA), 1.6942 (weekly cloud top), 1.7143 (200-DMA)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
