• Fxwirepro:eur/nzd capped by the 38.2% Fibonacci, good to sell on rallies

    Source: FxWire Pro - Technicals / 24 May 2020 04:21:31   America/New_York

    • EUR/NZD gained some ground on Friday as further straining of U.S.-China ties drove   the cross pair higher.

    • The pair hit daily high at 1.7936 and was last trading at 1.7894 at (GMT 17:51).  .

    • Technical favours bears, RSI is negative at 47 & pair trades below 11 & 21-DMAs. 

    •The pair has traded a 103 pip range thus far on Friday .Unless there is major news the pair downtrend is set to resume.

    • Immediate resistance is located at 1.7948 ( 38.2%fib), any close above will push the pair towards 1.7966 (30 DMA).

    • Immediate  support is seen at 1.7763 (100 EMA ) and break below could take the pair towards 1.7652 (100 DMA).

     Recommendation: Good to sell  around 1.7930, with stop loss of 1.8000 and target price of 1.7700.

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