EUR/NZD may rise 42 - 61 pips

1.7791 is our pivot point.

Our preference

Look for a drop towards 1.7791 before a bounce.

Alternative scenario

The downside breakout of 1.7791 would call for 1.7759 and 1.7740.

Comment

The RSI is above its neutrality area at 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI would call for further downside. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.7827 and 1.7820).

Supports and resistances

1.7927 **

1.7908 *

1.7889 **

1.7870

1.7828 last

1.7804

1.7791 **

1.7759 *

1.7740 **

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