FxWirePro:EUR/NZD neutral in the near-term, scope for downward resumption

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FxWirePro:EUR/NZD neutral in the near-term, scope for downward resumption

Tuesday, May 23, 2023 10:00 PM UTC

• EUR/NZD initially gained on Tuesday but short rally fizzled as market awaited rate decision Reserve Bank of New Zealand .

• Reserve Bank of New Zealand (RBNZ) is expected to raise its official cash rate (OCR) by 25 basis points to 5.50% on Wednesday.

• EUR/NZD focus is on 1.7161(50%fib) suppport, a break below will accelerate losses.

•Technicals are favouring bearish sentiment as RSI is falling and the pair is trading below 11,14 & 21-DMAs.

• Immediate resistance is located at 1.7272 (38.2%fib), any close above will push the pair towards 1.7328 (14DMA).

• Immediate support is seen at 1.7161(50%fib) and break below could take the pair towards 1.7037 (61.8%fib).

Recommendation: Good to sell round 1.7230, with stop loss of 1.7330 and target price of 1.7160

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