• EUR/NZD declined on Thursday as higher commodity prices and improved risk sentiment boosted kiwi dollar.
• Next week, the RBNZ interest rate decision will take center stage, with expectations that the OCR rate will remain unchanged.
• 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 1.7811(Daily high), any close above will push the pair towards 1.7837(38.2%fib).
• Immediate support is seen at 1.7736 (23.6%fib) and break below could take the pair towards 1.7652(Mar 8thh low ).
Recommendation: Good to sell round 1.7790, with stop loss of 1.7880 and target price of 1.7700
