• Fxwirepro:eur/nzd reclaims 1.8000 handle ,outlook bullish

    Source: FxWire Pro - Technicals / 17 May 2020 14:23:38   America/New_York

    • EUR/NZD goes positive on day, but 55 DMA (1.8121) halts sharp gains.

    • The pair has pierced 23.6% fibo at 1.7962 on Wednesday and closed above   it. The pair must close above 55 DMA at 1.8121 to target the 50% fib .

    • Any downside correction is likely to be temporary as barrier at 1.7823 (5 DMA) is set to restricting lower move.

    • Technical signals show the pair could gain as RSI is at 52 bullish, and 5 and 11 DMA’s are  turning up. 

    • Immediate resistance is located at 1.8121 (55 DMA), any close above will push the pair towards 1.8346 (38.2 fib ).

    • Immediate support is seen at 1.7974 (23.6% fib) and break below could take the pair towards 1.7823 (5 DMA).

    Recommendation: Good to buy around 1.8000, with stop loss of 1.7810 and target price of 1.8350 
     

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