• EUR/NZD declined to hit two month low on Friday as rally in commodities prices boosted kiwi dollar against weaker euro.
• The metal market was lifted after China, a major consumer of industrial metals as well as gold, announced "historic" steps to stabilise the crisis-hit property sectors
• The pair reaches 1.7720 after extending south from 1.7783 (Daily high). 1.7720 level is the lowest level since March 14th 2024.
• Technical signals show the pair could lose more ground as RSI has turned sharply lower, and 5, 9 DMA’s are trending south.
• Immediate resistance is located at 1.7778(Daily high), any close above will push the pair towards 1.7819(38.2% fib).
• Immediate support is seen at 1.7710 (23.6% fib) and break below could take the pair towards 1.7680(Lower BB).
Recommendation: Good to sell round 1.7740, with stop loss of 1.7850 and target price of 1.7630
