EUR/NZD may rise 48 - 72 pips

Our pivot point stands at 1.7456.

Our preference

The upside prevails as long as 1.7456 is support.

Alternative scenario

The downside breakout of 1.7456 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 positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.7480 and 1.7474).

Supports and resistances

1.7609 **

1.7586 *

1.7563 **

1.7539

1.7491 last

1.7472

1.7456 **

1.7418 *

1.7395 **

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