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EUR/NZD extends drop, critical support lies ahead

iq option | 2023-05-07 10:39

Abstract：EUR/NZD declined on Friday after data showed that U.S. employment and wages rose by more than economists expected in April.

EUR/NZD declined on Friday after data showed that U.S. employment and wages rose by more than economists expected in April.

Selling pressure will remain in the short-term, only a move above 1.7650(5DMA) strong resistance will shift the bias higher.

Technical signals show the pair could lose more ground as RSI is at 43 bearish, and 9, 11,21 DMA's are trending south.

Immediate resistance is located at 1.7572 (38.2%fib), any close above will push the pair towards 1.7650(5DMA).

Immediate support is seen at 1.7463(50% fib) and break below could take the pair towards 1.7413 (Lower BB).

Recommendation: Good to sell round 1.7500, with stop loss of 1.7650 and target price of 1.7420

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