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FxWirePro:EUR/NZD under pressure , knocking on door of key support

• EUR/NZD declined on Wednesday  as the pair attracted sellers  ahead of U.S. Federal Reserve's minutes from the June policy meeting.

• Selling pressure will remain in the short-term, only a move above 1.7662 (5DMA) level  will shift the bias higher.

• A close below   support at 38.2%fib will give further momentum to bears, opening the way for a run towards 1.7400 level.

•Technicals are favouring bearish sentiment as RSI is falling and the pair is trading below   5,9 & 21-DMAs.

• Immediate resistance is located at 1.7619 (50%fib), any close above will push the pair towards 1.7662 (5DMA).

• Immediate support is seen at 1.7538 (June 19th low) and break below could take the pair towards 1.7466 (38.2%fib).

Recommendation: Good to sell round 1.7560, with stop loss of 1.7700 and target price of 1.7480

 

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