EUR/NZD may fall 48 - 70 pips

Our pivot point is at 1.7633.

Our preference

Technical rebound towards 1.7633 before a new drop.

Alternative scenario

The upside breakout of 1.7633, would call for 1.7671 and 1.7694.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price stands above its 20 period moving average (1.7580) but below its 50 period moving average (1.7601).

Supports and resistances

1.7694 **

1.7671 *

1.7633 **

1.7618

1.7596 last

1.7548

1.7526 **

1.7503 *

1.7480 **

Number of asterisks represents the strength of support and resistance levels.