EUR/NZD may rise 47 - 70 pips

Our pivot point is at 1.7490.

Our preference

The upside prevails as long as 1.7490 is support.

Alternative scenario

The downside breakout of 1.7490 would call for 1.7451 and 1.7428.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.7519 and 1.7501).

Supports and resistances

1.7644 **

1.7621 *

1.7598 **

1.7575

1.7528 last

1.7505

1.7490 **

1.7451 *

1.7428 **

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