Fxwirepro :eur/nzd attracts buying interest, 50 DMA eyed
Source: FxWire Pro - Technicals / 24 Jun 2020 12:16:49 America/New_York
• EUR/NZD rose higher on Wednesday after RBNZ struck a dovish tone by flagging it was ready to ease policy to restore an economy hit by the coronavirus pandemic.
• The Reserve Bank of New Zealand (RBNZ) held the official cash rate at a record low of 0.25%, as widely expected.
• It also maintained QE, the large scale asset purchase (LSAP) programme, at NZ$60 billion.
•The pair reaches 1.7581 after extending north from 1.7375 (early Asia low). 1.8262 is the highest level since 15th June 2020.
• Technical signals show the pair could gain more ground in the short-term as RSI has sharply turned high, daily momentum studies 5, 9 DMAs are turning up.
• On the upside, Immediate resistance is located at 1.7587 (38.2% fib), any close above will push the pair towards 1.7759 (50 DMA).
• On the downside, strong support is seen at 1.7518 (21 DMA) and break below could take the pair towards 1.7375 (Daily low).
Recommendation: Good to buy above 1.7530, with stop loss of 1.7350 and target price of 1.7640© FxWire Pro 2020. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.