• EUR/NZD declined on Wednesday as improved risk sentiment and higher commodity prices supported kiwi dollar.
• The pair currently is approaching support at 1.7470(23.6% fib). A break under 1.7470 would unmask 1.7300 level in the short term.
• Technical signals are bearish as RSI is at 44.31, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.6754( 61.8%fib), any close above will push the pair towards 1.6810(Higher BB)
• Support is seen at 1.6667 (30DMA ) and break below could take the pair towards 1.6644 ( 50%fib) .
Recommendation: Good to sell around 1.6720, with stop loss of 1.7650 and target price of 1.7150.
