FxWirePro: EUR/NZD to resume downside in 'Falling Wedge' pattern, good to go short on rallies

• EUR/NZD is trading a 'Falling Wedge' pattern on the daily charts.
   
• The pair's minor correction from Wedge base at 1.4535 on Feb 7th has come to a close.
   
• Price action has again slipped below 20-DMA, we see scope for resumption of downside.
   
• Technical indicators are biased lower,  we see scope for test of Wedge base at 1.45 level.
   
• Violation there finds next major support at 1.4128 (March 23, 2015 low)
   

Support levels - 1.4657 (Feb 16 low), 1.4535 (Feb 7 low), 1.4510 (Wedge base)

Resistance levels - 1.4729 (5-DMA), 1.4749 (20-DMA), 1.4861 (Feb 9 high)

TIME  TREND INDEX  OB/OS INDEX    

1H          Bullish                Neutral       
4H          Neutral                Neutral       
1D          Bearish               Neutral        
1W         Bearish               Neutral      

Recommendation: Good to go short on rallies around 1.4710/20, SL: 1.4775, TP: 1.4660/ 1.4535/ 1.4500

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 15.2322(Neutral), while Hourly NZD Spot Index was at 70.7453 (Bullish) at 0530 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.