FxWirePro: EUR/NZD downside pressure builds, key support level in focus

• EUR/NZD dipped on Tuesday    as kiwi dollar was supported by improvement in risk appetite and commodity prices surge .

• Commodities like gold, silver, and copper surged to record highs amid light liquidity, helping risk-linked Antipodean currencies firm in the year’s final trading week. 

• In precious metals, silver extended its record rally and blew past the $70 an ounce mark for the first time, while gold and platinum also touched historic highs.

• Spot silver was up 3.49% at $71.43 while spot gold rose 1.02% to $4,490.93 an ounce and spot platinum was up about 7% at $2,269.25.’

• Oil prices ended Tuesday's session higher as potential sales of Venezuelan crude seized by the United States weighed and investors assessed stronger-than-expected U.S. economic data..

• Immediate resistance is located at 2.0372(38.2% fib), any close above will push the pair towards 2.0408(Higher BB).

• Immediate support is seen at 2.0164 (50% fib) and break below could take the pair towards 2.0068(61.8% fib).

Recommendation: Good to sell  around 2.0200 with stop loss of 2.0270 and target price of 2.0120