• EUR/NZD pair traded in tight range on Monday as investors remained risk averse ahead of central bank decisions and closely watched data releases.
• Copper slid 0.96%, languishing near last week's four-month low on Chinese demand concerns and high inventories. Gold was down 0.3%, hurt by the stronger dollar.
• EUR/NZD if breaks above 23.6%fib resistence will increase upward pressure with initially target at 1.8500.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 58 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.8471(23.6%fib), any close above will push the pair towards 1.8632(Marc 30th 2020 high).
• Strong support is seen at 1.8393(Jul 26th low) and break below could take the pair towards 1.8298 (38.2% fib ).
Recommendation: Good to buy around 1.8380 with stop loss of 1.8270 and target price of 1.8460
