FxWirePro: EUR/NZD finds strong support at 20-DMA (1.6768), weakness only on break below

• EUR/NZD has edged higher from session lows at 1.6799, currently trades at 1.6864 levels.
   
• The pair is extending downside after rejection at major trendline resistance last week.
   
• Price action has slipped below 5-DMA and is currently holding above strong support at 20-DMA at 1.6768.
   
• Break below 20-DMA could see drag upto 50-DMA at 1.6566. Further weakness only on break below.
   
• Technical studies have turned bearish. RSI and stochs biased lower and MACD is on verge of bearish crossover on signal line.
   
• Bearish divergence on RSI adds to scope for downside in the pair.
   
• Immediate resistance lies at 5-DMA at 1.6915. Break above could see test of trendline at 1.7280.

Support levels - 1.6769 (20-DMA), 1.6567 (50-DMA), 1.6353 (Oct 17 low)

Resistance levels - 1.6915 (5-DMA), 1.7060 (Oct 31 high), 1.7210 (Oct 26 high)

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 138.569 (Bullish), while Hourly NZD Spot Index was at 65.3035 (Neutral) at 1100 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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