FxWirePro: EUR/NZD capped by the 21-DMA, good to sell on rallies

• EUR/NZD gained on Wednesday but ran out of steam just slightly below 21-DMA resistance at 1.7992.

• Underlying trend remains bearish as longs are at-risk from deteriorating market sentiment and increased U.S.-Sino trade tensions. 

• At GMT 17:27, the pair was trading up 0.27 percent  at 1.7947 after reaching daily high at 1.7971.

• Technical lean bearish, RSI is at 46, momentum studies  11, 21 DMAs are pointing downwards.

• On the upside, Immediate resistance is located at 1.7992 (21 DMA), any close above will push the pair towards 1.8033 (38.2% fib).

• On the downside, strong support is seen at 1.7746 (Lower BB) and break below could take the pair towards 1.7632 (23.6% fib).

Recommendation: Good to sell around 1.7950, with stop loss of 1.8300  and target price of 1.7700