• 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
