Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/NZD capped by the 61.8% fibonacci, good to sell on rallies

• EUR/NZD initially dipped sharply  after  upbeat  NZ business outlook data but profit-taking on shorts lifted the pair back above 1.6800 level.

• The pair is currently approaching resistance at 1.6911 ( 61.8%fib). Resistance at 1.6911 is likely to cap further upside in the pair.

• Technical signals are bearish as RSI is at 45, daily momentum studies  5, 9 and 10 DMAs are trending down.

•   Immediate resistance is located at 1.6911 ( 61.8%fib), any close above will push the pair towards 1.6946 (14DMA)

•Strong support is seen at 1.6845 (50%fib  ) and break below could take the pair towards 1.6816 (Ichimoku Cloud Base).

  Recommendation: Good to sell   around 1.6860, with stop loss of 1.6920 and target price of 1.6790

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.