Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/NZD key resistance broken, door to 1.7400 open

• EUR/NZD initially dipped  on Thursday but rebounded strongly  after US claims data softened hawkish Fed policy view.

• Diverging ECB-Fed rate outlook boosted euro .The fundamental focus is on Friday's NFP, Tuesdays  CPI data  as Fed decides on policy path.

• The current uptrend is ikely to continue as long as the pair does not move below 38.2% fib supppot.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 66 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up.

• Immediate resistance is located at 1.7386 (Higher BB), any close above will push the pair towards 1.7427 (Oct 24th 2022 high).

• Strong support is seen at 1.7349(23.6% fib) and break below could take the pair towards 1.7210(38.2% fib )

Recommendation: Good to buy around 1.7330 with stop loss of 1.7250 and target price of 1.7440

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.