Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/NZD remains bullish as rally continues

• EUR/NZD rose towards  1.7850 level on Thursday  as kiwi dollar continued its downward trend driven by a more dovish than expected steer from the Reserve Bank of New Zealand.

• The central bank held its key rate at 5.5% as expected but indicated that rate cuts might come earlier than previously thought.

• The pair currently is approaching resistance at 23.6%fib. A break above   would unmask 1.8000 level in the short term.

• Technical signals show the pair could gain more ground in the short-term as RSI is at 65 bullish, daily momentum studies  5, 9 and 11 DMAs are trending  up. 

• Immediate resistance is located at 1.7880(23.6%fib), any close above will push the pair towards 1.7918 (May 14th high).

• Strong support is seen at 1.7786(38.2% fib) and break below could take the pair towards 1.7704(50% fib ).

Recommendation: Good to buy around 1.7830 with stop loss of 1.7730 and target price of 1.7880  
 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.