• EUR/NZD declined on Wednesday as traders remained short on concerns of 2nd wave of coronavirus cases.
• The pair broke support at 1.7413 (9 DMA) and is approaching 1.7326 (300 DMA). A close below will opens up 1.7215 (23.6% fib).
• Any upside correction is likely to be temporary as barrier at 1.7565 (38.2 fib) is set to restrict lower move.
• Technicals leans bearish as RSI is at 41 bearish, and 5, 9,11 DMA’s are trending south.
• Immediate resistance is located at 1.7413 (9 DMA), any close above will push the pair towards 1.7565 (38.2 fib).
• Immediate support is seen at 1.7326 (300 DMA) and break below could take the pair towards 1.7215 (23.6% fib).
Recommendation: Good to sell around 1.7400, with stop loss of 1.7560 and target price of 1.7300
