• EUR/NZD dipped on Thursday as New Zealand dollar continued to strengthen on back of super-strong jobs report on Wednesday .
• The latest New Zealand employment report revealed that the unemployment rate fell much more sharply than expected by 0.6 point to 4.0% in Q2.
• At GMT 18:49, the pair was trading down 0.17 percent at 1.6764 after reaching daily low at 1.6735.
• Technicals are favouring bearish sentiment as RSI is at 41 and the pair is trading below 9 & 11-DMAs.
• Immediate resistance is located at 1.6797 (50% fib), any close above will push the pair towards 1.6853(61.8%fib)
• Support is seen at 1.6737 (38.2% fib) and break below could take the pair towards 1.6671 (23.6% fib).
Recommendation: Good to sell around 1.6770, with stop loss of 1.6800 and target price of 1.6680.
