• EUR/NZD dipped on Thursday as rise in commodity prices boosted the commodity-price sensitive New Zealand dollar.
• Commodity-centric New Zealand dollar soared on higher oil and iron ore prices.
• New Zealand's fourth-quarter economic growth barely exceeded forecasts of 3.0%, but was still strong enough to warrant further monetary tightening by the Reserve Bank of New Zealand.
• Technical signals show the pair could lose more ground in the short-term as RSI is at 36 bearish, daily momentum studies 5, 9 and 11 DMAs are trending down.
• Immediate resistance is located at 1.6159 (5DMA), any close above will push the pair towards 1.6246(38.2%fib).
• Strong support is seen at 1.5990 (23.8%fib) and break below could take the pair towards 1.5878 (March 8th low )
Recommendation: Good to sell around 1.6110, with stop loss of 1.6240 and target price of 1.6000
