FxWirePro: EUR/NZD rebounds as US CPI data gives longs a boost

• EUR/NZD rebounded strongly on Wednesday   as bulls gained traction after  surprise U.S. inflation data.

• A Labor Department report showed the Consumer Price Index(CPI) rose 0.4% on a monthly basis in March, compared with the 0.3% increase expected by economists.

• EUR/ NZD rally lifts the pair towards 1.8016(23.6%fib) resistance . A break and daily close above 23.6%fib  resistence will accelerate further gains towards 1.8100 level.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 55 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up.

• Immediate resistance is located at 1.8016(23.6%fib), any close above will push the pair towards 1.8084 ( April 3rd high).

• Strong support is seen at 1.7897 (38.2%fib) and break below could take the pair towards 1.7829 (Lower BB )

Recommendation: Good to buy around 1.7980, with stop loss of 1.7900  and target price of 1.8100