FxWirePro :EUR/NZD rises to highest level since August 3rd,good to buy on dips

• EUR/NZD rose higher on Tuesday as kiwi  dollar weakened sharply after New Zealand was  thrown into lockdown over single suspected Delta case.

• A snap lockdown in New Zealand following new COVID-19 cases may see the central bank back off from a widely forecast interest rate hike on Wednesday.

• Technical signals are strongly bullish as RSI is  up at 55, daily momentum studies  5, 9 and 10 DMAs are trending up. 

•The pair has traded a 284 pip range thus far Tuesday. Unless there is major news up trend looks set to extend.

• Immediate resistance is located at 1.6940 ( 38.2%fib), any close above will push the pair towards 1.7017 (23.6 % fib).

• Strong support is seen at 1.6890 (50%fib ) and break below could take the pair towards 1.6832 (61.8%  fib).

Recommendation: Good to buy around 1.6900, with stop loss of 1.6800 and target price of 1.6990