Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/NZD trades rangebound, weakness likely on break below trendline support at 1.6825

  • EUR/NZD is trading in a narrow range, hitting a day's high of 1.6886 and a low of 1.6815.
     
  • Downward revisions of the Eurozone PMIs and weaker-than-expected German factory orders and retail sales print likely to keep the euro depressed.
     
  • The pair finds strong support at 1.6825 which is major trendline support.
     
  • Technical studies are biased lower and break below 1.6825 to see next major support at 200-DMA at 1.6632.
     
  • RSI below 50 and biased south. Stochs also show bearish momentum.
     
  • MACD shows bearish crossover on signal line and we see -ve DMI dominance and ADX supports trend lower.
     
  • On the flipside, 100-DMA at 1.6951 is major resistance, we see bearish invalidation only on break above.

Support levels - 1.6825 (trendline), 1.68, 1.6632 (200-DMA)

Resistance levels - 1.6889 (5-DMA), 1.6951 (100-DMA), 1.70

FxWirePro launches Absolute Return Managed Program. For more details, visit http://www.fxwirepro.com/invest

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.