• EUR/NZD rose higher on Tuesday as lower commodities prices and soured risk weighed on kiwi dollar.
• The kiwi dollar, known for its sensitivity to risk factors, was one of the worst performing currency on Tuesday .
• The pair reached 1.7714 after extending north from 1.7638. 1.7714 is the highest level since Dec 15th.
• Technical signals show the pair could gain more ground in the short-term as RSI is at 58 bullish, moving averages are trending north.
• Immediate resistance is located at 1.7730 (38.2% fib), any close above will push the pair towards 1.7850 (23.6% fib).
• Immediate support is seen at 1.7631 (50% fib) and break below could take the pair towards 1.7525 (61.8% fib)
Recommendation: Good to buy around 1.7710, with stop loss of 1.7620 and target price of 1.7800
