• EUR/NZD declined on Wednesday after RBNZ signalleds policy on hold while U.S. consumer prices rose modestly in June.
• Selling pressure will remain in the short-term, only a move above 1.6848(50%fib) strong resistance will shift the bias higher.
• Today’s drop has put EUR/NZD back below 5DMA and has put the 50%fib support back in play
• Immediate resistance is located at 1.7632 (5DMA), any close above will push the pair towards 1.7813(38.2%fib).
• Immediate support is seen at 1.7639 (5DMA) and break below could take the pair towards 1.7490(July 6th low).
Recommendation: Good to sell round 1.7670, with stop loss of 1.7780 and target price of 1.7600
