EUR/NZD may rise 40 - 59 pips

Our pivot point stands at 1.7795.

Our preference

Look for a drop towards 1.7795 before a bounce.

Alternative scenario

The downside breakout of 1.7795 would call for 1.7763 and 1.7744.

Comment

The RSI is above 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 1.7821 and 1.7821).

Supports and resistances

1.7921 **

1.7902 *

1.7883 **

1.7864

1.7824 last

1.7808

1.7795 **

1.7763 *

1.7744 **

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