• EUR/NZD declined on Friday as the pair attracted sellers after Federal Reserve Chair Jerome Powell signalled an interest rate cut next month..
• Risk-sensitive currencies, often takes cues from global drivers such as U.S. monetary policy in addition to major local factors.
• The technical outlook remains bearish and points to eventual bigger losses, Fourteen-day momentum is negative, reinforcing the scope for a bigger slump
• Immediate resistance is located at 1.8111(50%fib), any close above will push the pair towards 1.8168 (Aug 13th high)
• Support is seen at 1.7961 (38.2%fib) and break below could take the pair towards 1.7909(Lower BB)
Recommendation: Good to sell around 1.8000, with stop loss of 1.8100 and target price of 1.7920
