• EUR/NZD declined on Wednesday as rally in copper ,equities , gold prices boosted commodity linked kiwi dollar.
• The Reserve Bank of New Zealand (RBNZ) will hold its meeting next week. Analysts expect the RBNZ to leave the Official Cash Rate (OCR) unchanged at 5.5% at its May meeting.
• Technical signals show the pair could lose more ground as RSI is falling at 38, and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.7894(50%fib), any close above will push the pair towards 1.7929(Daily high).
• Immediate support is seen at 1.7761 (38.2%fib) and break below could take the pair towards 1.7667(Mar 12th high).
Recommendation: Good to sell round 1.7790, with stop loss of 1.7880 and target price of 1.7700
