- EUR/NZD hits new 6-week highs at 1.7232, bias still higher.
- The pair is testing major trendline resistance at 1.7230, break above could see further upside.
- Price action has shown break above daily cloud which raises scope for further upside.
- Technical analysis shows a bullish bias. Price action rages above major moving averages.
- +DMI has shown a crossover on -ve DMI and we see a bullish MACD line crossover on signal line.
- Momentum studies are bullish. RSI strong at 70, bias higher. Next major bull target lies at 1.7294 (May 15 high).
- On the flipside, 100-DMA is major support at 1.6931, we see weakness on break below.
Support levels - 1.71, 1.7082 (cloud top), 1.7062 (5-DMA), 1.6984 (cloud base)
Resistance levels - 1.7294 (May 15 high), 1.7370 (major trendline)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-NZD-Trade-Idea-1388532) has hit TP1/2/3.
Recommendation: Book partial profits at highs. Trail SL to 1.7050. Watch out for break above 1.7230 for further upside. Target 1.7295/ 1.7370.
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 84.0487 (Bullish), while Hourly NZD Spot Index was at -137.93 (Bearish) at 1035 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
