• EUR/NZD declined on Thursday as impact of as rising energy prices in Eurozone weighed on euro.
• The pair traded down to 1.6430 and was around there into the US afternoon.
• The pairs bias is lower, but progress will likely be slowed as investors await non-farm payrolls data on Friday
• Technical signals are bearish as RSI is at 40, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.6568 (5DMA ), any close above will push the pair towards 1.6641 (50%fib).
• Strong support is seen at 1.6441(38.2%fib) and break below could take the pair towards 1.6350(June 3rd low).
Recommendation: Good to sell on rallies around 1.6470, with stop loss of 1.6570 and target price of 1.6400.
