• EUR/NZD declined on Monday as higher commodities prices boosted commodity lined kiwi dollar.
• EUR/NZD probed support zone at 1.7039 (38.2%fib), and recovered towards1.7075 .
• Technical signals show the pair could gain more ground in the short-term as RSI is at 60,while moving averages are trending higher.
• Immediate resistance is located at 1.7179 (23.6%fib), any close above will push the pair towards 1.7209(Higher BB).
• Immediate support is seen at 1.7039 (38.2%fib) and break below could take the pair towards 1.6993 (11DMA).
Recommendation: Good to buy around 1.7070, with stop loss of 1.7000 and target price of 1.7480
