• EUR/NZD strengthened on Thursday as investors dumped commodity related currencies like New Zealand dollar ahead of U.S. jobs data.
• Investors awaited U.S. jobs data due on Friday, that ought to provide additional clarity on whether or not the faster-than-expected pace of economic recovery is sustained
• EUR/ NZD rally lifts the pair above 1.7000. A break and daily close above 1.7015 (23.6%fib) will accelerate further gains.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 61 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.7015 (23.6%fib), any close above will push the pair towards 1.7031(Higher BB).
• Strong support is seen at 1.6914 (38.2%fib) and break below could take the pair towards 1.6857(5DMA )
Recommendation: Good to buy around 1.6960, with stop loss of 1.6870 and target price of 1.7030
