• EUR/NZD strengthened on Friday as commodity linked currency like kiwi dollar weakened against euro in the wake of lower commodity prices .
• Kiwi dollar softness was attributed to weak commodity prices, notably oil and gold, though iron ore climbed to seven-month highs.
• The pair currently is approaching resistance at 23.6%fib. A break above would unmask 1.8240 level in the short term.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 56,while moving averages and MACD are trending higher.
• Immediate resistance is located at 1.8169(23.6%fib), any close above will push the pair towards 1.8244(Nov 1st high).
• Immediate support is seen at 1.8058 (38.2%fib) and break below could take the pair towards 1.7974 (50%fib).
Recommendation: Good to buy around 1.8120, with stop loss of 1.8050 and target price of 1.8200
