EUR/NZD has hit fresh 3-week lows at 1.6622, intraday bias lower.
The pair is on track to close in the red for the 3rd successive week.
Technical studies are bearish, RSI and Stochs are biased lower, we see a bearish 5-DMA crossover on 20-DMA.
Weekly charts also show bearish picture. Stochs and RSI show rollover from overbought levels.
We see scope for test of 50-DMA at 1.6588 and violation there could see further weakness.
Support levels - 1.6588 (50-DMA), 1.6458 (38.2% Fib retrace of 1.5233 to 1.7215 rally), 1.6353 (Oct 17 low)
Resistance levels - 1.6725 (5-DMA), 1.6747 (23.6% Fib retrace of 1.5233 to 1.7215 rally), 1.6793 (20-DMA)
Bias lower, stay short for 50-DMA. Watch out for break below for further downside.
The pair is on track to close in the red for the 3rd successive week.
Technical studies are bearish, RSI and Stochs are biased lower, we see a bearish 5-DMA crossover on 20-DMA.
Weekly charts also show bearish picture. Stochs and RSI show rollover from overbought levels.
We see scope for test of 50-DMA at 1.6588 and violation there could see further weakness.
Support levels - 1.6588 (50-DMA), 1.6458 (38.2% Fib retrace of 1.5233 to 1.7215 rally), 1.6353 (Oct 17 low)
Resistance levels - 1.6725 (5-DMA), 1.6747 (23.6% Fib retrace of 1.5233 to 1.7215 rally), 1.6793 (20-DMA)
Bias lower, stay short for 50-DMA. Watch out for break below for further downside.