• EUR/NZD initially gained on Tuesday but gave up ground as investors awaited key data and event risks.
•Investors are widely expecting the Fed to announce QE tapering on Wednesday and will also be looking for potential clues to when rate hikes might begin.
•The pair rebound attempts failed to gain traction as the pair failed to break above 1.6292 (50% fib) resistance.
• From a technical viewpoint, the moving averages are pointing downwards, while the RSI is strongly bearish at 41.
• Immediate resistance is located at 1.6292 (50% fib), any close above will push the pair towards 1.6385 (50% fib).
• Strong support is seen at 1.6203 (38.2% fib) and break below could take the pair towards 1.6095 (23.6% fib ).
Recommendation: Good to buy around 1.6250, with stop loss of 1.6400 and target price of 1.6150
