- EUR/NZD extends gains for 6th consecutive session to hit 5-week highs at 1.6649.
- The pair is on track to test channel top resistance at 0.1.68, intraday bias higher.
- Technical studies support upside in the pair. Stocks and RSI biased higher, RSI strength seen above 50.
- MACD line is showing a bullish crossover on signal line and ADX also supports uptrend.
- New Zealand electronic card retail sales data came in below markets’ expectations, which added to weakness around the kiwi.
- Also, election-related uncertainty is likely to persist, keeping pressure on the bird.
Support levels - 1.66, 1.6531 (5-DMA), 1.6430 (20-EMA), 1.6396 (20-DMA)
Resistance levels - 1.6690 (Sept 7 high), 1.68, 1.6930 (May 2016 high)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-NZD-Trade-Idea-938735) has hit TP1&2.
Recommendation: Bias higher. Book partial profits, raise trailing stop to 1.6530, hold for further upside.
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