• EUR/NZD declined on Thursday as increased risk appetite and higher commodity prices boosted commodity linked New Zealand dollar.
•Kiwi dollar has benefited from recent surges in commodity and energy prices.Commodities looks set to increase further as the post-pandemic global economic recovery strengthens.
• EUR/NZD pair eyes 1.6466 (23.6%fib) support in the coming sessions and then 1.6430 (April 1st 2019 low).
• Technical signals show the pair could lose more ground as RSI is strongly bearish at 36 , and 9, 11,21 DMA’s are trending south.
• Immediate resistance is located at 1.6545 (38.2%fib), any close above will push the pair towards 1.6572 (5 DMA).
• Immediate support is seen at 1.6466 (23.6%fib),and break below could take the pair towards 1.6430 (April 1st 2019 low).
Recommendation: Good to sell round 1.6480 with stop loss of 1.6590 and target price of 1.6400
