EUR/NZD may rise 50 - 73 pips

1.7457 is our pivot point.

Our preference

Rebound.

Alternative scenario

The downside breakout of 1.7457 would call for 1.7418 and 1.7395.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price stands above its 20 period moving average (1.7481) but below its 50 period moving average (1.7513). Finally, the EUR/NZD is trading above its upper Bollinger band (standing at 1.7497).

Supports and resistances

1.7616 **

1.7593 *

1.7570 **

1.7547

1.7497 last

1.7472

1.7457 **

1.7418 *

1.7395 **

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