• EUR/NZD traded in tight range on Wednesday as market positioned for a hawkish hold when the Fed decides later today.
• Powell is unlikely to put the prospect of new interest rate hikes on the table on Wednesday, and is instead likely to promote holding rates higher for longer.
• EUR/NZD has seen a 1.8096 -1.8156 range , A rally towards is 1.8200 possible if EUR/NZD bulls overcome resistance at 1.8123(23.6%fib).
• Technical signals show the pair could gain more ground in the short-term as RSI is at 58 bullish, daily momentum studies 5, 9 and 11 DMAs are trending up.
• Immediate resistance is located at 1.8123(23.6%fib), any close above will push the pair towards 1.8156 (Higher BB).
• Strong support is seen at 1.7995(38.2% fib) and break below could take the pair towards 1.7885 (50 fib )
Recommendation: Good to buy around 1.8080 with stop loss of 1.7960 and target price of 1.8160
