EUR/NZD may fall 50 - 72 pips

Our pivot point is at 1.7702.

Our preference

The downside prevails as long as 1.7702 is resistance.

Alternative scenario

Above 1.7702, look for 1.7740 and 1.7762.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.7697 and 1.7699). Finally, the EUR/NZD has penetrated its lower Bollinger band (1.7667).

Supports and resistances

1.7762 **

1.7740 *

1.7702 **

1.7687

1.7667 last

1.7617

1.7595 **

1.7572 *

1.7550 **

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