• EUR/NZD declined on Tuesday as uncertainty around the AstraZeneca vaccine rollout in Eurozone pressured euro across the board.
• Selling pressure will remain in the short-term, only a move above 1.6728 ( 50 % fib) strong resistance will shift the bias higher.
• Cross finally cracks the 23.6% fib support at 1.6549 and has put the 1.6514(Lower BB ) in play.
• Technical signals show the pair could lose more ground as RSI is at 40 bearish, and 5, 9,11 DMA’s are trending south.
• Immediate resistance is located at 1.6549 (23.6% fib ), any close above will push the pair towards 1.6589 (Higher BB).
• Support is seen at 1.6514(Lower BB ) and break below could take the pair towards 1.6500 (Psychological level).
Recommendation: Good to sell around 1.6540 with stop loss of 1.6700 and target price of 1.6450
