• EUR/NZD initially dipped on Wednesday on renewed bank contagion fears but rebounded as investors awaited ECB interest rate decision.
• European Central Bank policymakers are leaning towards a half-percentage-point rate hike on Thursday, as the banking sector turmoil is dissipating.
• The current uptrend is likely to continue as long as the pair does not move below 50% fib support.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 53 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.7213 (38.2%fib), any close above will push the pair towards 1.7352 (Higher BB).
• Strong support is seen at 1.7069(50% fib) and break below could take the pair towards 1.6968(March 15th low )
Recommendation: Good to buy around 1.7150 with stop loss of 1.7050 and target price of 1.7230
