• EUR/NZD dipped on Thursday as rise in commodity prices and slightly dovish ECB statement weighed on the pair.
• EUR/NZD initially gained but found sellers at 1.6038. A break and daily close below 1.5737 (23.6%fib) will accelerate further downtrend.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 63 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.5869 (38.2%fib), any close above will push the pair towards 1.6168 ((50%fib).
• Strong support is seen at 1.5737 (23.6%fib) and break below could take the pair towards 1.5636 (Lower BB )
Recommendation: Good to sell around 1.5960 with stop loss of 1.6120 and target price of 1.5860
