• EUR/NZD recovered slightly on Wednesday as investors stayed on sideline ahead of minutes of the Federal Reserve's July meeting.
• Investors expect Powell to signal the start of the Fed's rate cut cycle but are also looking for indications of more aggressive cuts than the U.S. central bank has currently projected.
• The technical outlook remains bearish and points to eventual bigger losses, Fourteen-day momentum is negative, reinforcing the scope for a bigger slump
• Immediate resistance is located at 1.8163(38.2%fib), any close above will push the pair towards 1.8334(23.6%fib)
• Support is seen at 1.8015 (50%fib) and break below could take the pair towards 1.7946(61.8%fib)
Recommendation: Good to sell around 1.8100, with stop loss of 1.8150 and target price of 1.8020
