• EUR/NZD strengthened on Wednesday as the pairs bullish allure persisted across the board ahead of ECB meeting on Thursday.
• The European Central Bank is seen hiking rates by 25 basis points to the 3.5%-3.75% range on Thursday, with recent weak economic data dampening expectations of another hike in September.
• A daily close above 1.7840(38.2% fib)will further improve the technical outlook, and open the possibility of a rally towards 1.7900 level.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 52 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.7840(38.2% fib), any close above will push the pair towards 1.7961(23.6%fib).
• Strong support is seen at 1.7744 (50% fib) and break below could take the pair towards 1.7650 (61.8% fib ).
Recommendation: Good to buy around 1.7800, with stop loss of 1.7620 and target price of 1.7880






