FxWirePro: EUR/NZD fails at major trendline resistance at 1.6240, good to short rallies

• EUR/NZD fails at major trendline resistance at 1.6240, intraday bias lower.
   
• Technical studies are bearish, RSI has turned lower from near overbought levels.
   
• Stochs has shown a rollover from overbought levels and MACD is on verge of bearish crossover.
   
• Immediate support lies at 20-DMA at 1.5926. Break below will see test of 1.5770 (trendline).
   
• On the flipside, 5-DMA is immediate resistance at 1.6123. Break above will see test of trendline resistance at 1.6240.
   
• The pair is trading a rising triangle pattern. Triangle breakout will provide clear short-term direction.

Support levels - 1.5926 (20-DMA), 1.5770 (trendline), 1.5531 (July 27 low)

Resistance levels - 1.6124 (5-DMA), 1.6240 (trendline), 1.63, 1.6469 (June 7, 2016 high)

Recommendation: Good to go short on rallies around 1.6050/65, SL: 1.6125, TP: 1.5930/ 1.59/ 1.58/ 1.5770 

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -70.1262 (Neutral), while Hourly NZD Spot Index was at 52.3385 (Neutral) at 1020 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex. 

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