- EUR/NZD extends grind higher, holds gains for 4th straight session, intraday bias higher.
- The pair is trading 0.20% higher on the day, finds strong support at 5-DMA at 1.6806.
- Technical indicators are biased higher. Stochs and RSI have rollover from oversold levels.
- Price action has bounced off from near 200-DMA and has retraced above 23.6% Fib.
- MACD is on verge of a bullish crossover on signal line, which if successful adds to bullish bias.
- The major is on track to test 100-DMA at 1.691e, break above could see further upside.
- On the flipside, we see strong support at 1.6678 (nearly converged 200-DMA and trendline). Weakness only on break below.
Support levels - 1.6807 (5-DMA), 1.6785 (23.6% Fib), 1.6678 (200-DMA)
Resistance levels - 1.69, 1.6918 (nearly converged 100 and 50-DMA), 1.70
Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-NZD-Trade-Idea-1254971) is progressing well.
Recommendation: Bias higher, hold for upside.
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