EUR/NZD may rise 53 - 75 pips

Our pivot point stands at 1.7640.

Our preference

The upside prevails as long as 1.7640 is support.

Alternative scenario

The downside breakout of 1.7640 would call for 1.7603 and 1.7581.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.7604 and 1.7584).

Supports and resistances

1.7789 **

1.7767 *

1.7745 **

1.7723

1.7670 last

1.7655

1.7640 **

1.7603 *

1.7581 **

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