Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/NZD rises sharply after RBNZ's surprise dovish tilt

• EUR/NZD rose sharply higher on Wednesday  after kiwi slumped  after the Reserve Bank of New Zealand opened the door to possible rate cuts should inflation slow as expected..

• The RBNZ, which held rates steady as widely expected, expressed confidence that inflation would return to its target band this year, spurring bets for early policy easing.

• At GMT 19:01, the pair was trading up 0.22 percent  at 1.7811 after reaching daily high at 1.7828.

• 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 1.7833(Daily high), any close above will push the pair towards 1.7874(23.6%fib).

• Strong support is seen at 1.7780(38.2%fib) and break below could take the pair towards 1.7707 (50% fib )

Recommendation: Good to buy around 1.7800  with stop loss of 1.7700 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.