• EUR/NZD hovered around 1.7250 on Wednesday as investors gauged the prospects rate hike by European Central Bank.
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• The ECB is scheduled to hold its monetary policy meeting next week. Investors also assessed the euro zone's fourth-quarter growth numbers.
• A rally towards is 1.7400 possible if GBP/NZD bulls overcome resistance at 23.6%fib.
• From a technical viewpoint, RSI is strongly bullish at 63, daily momentum studies, 5, 10 and 11 daily MAs are pointing higher.
• Immediate resistance is located at 1.7281(23.6%fib), any close above will push the pair towards 1.7366 (Higher BB).
• Immediate support is seen at 1.7214 (5DMA) and break below could take the pair towards 1.7142(38.2%fib).
Recommendation: Good to buy on dips around 1.7240 with stop loss of 1.7140 and target price of 1.7310
