Back
14 Aug 2013
EUR/NZD treading water above 1.6600
FXstreet.com (Barcelona) - The EUR/NZD foreign exchange cross rate is last trading at 1.6638, pretty much unchanged from previous Asia-Pacific open yesterday, despite better than expected retail sales data recently released in New Zealand.
EUR/NZD could move higher if above 1.6685
“Expectation of higher rates in NZ, combined with strong economic fundamentals, is partly why we are bullish on the NZ dollar in the medium-term,” said Chris Tedder from Forex.com, adding: “However, EURNZD’s rejection at around 1.6500 creates the possibility for a technical push higher in the near-term, especially if a resistance zone around 1.6685/90 is broken – 25% retracement level from August’s high and 50day SMA.”
EUR/NZD key technical levels
Immediate resistance to the upside for EUR/NZD shows at recent session highs 1.6665, followed by early NY session weekly highs at 1.6693, while to the downside, closest support lies at recent session/yesterday's lows 1.6591, followed by Monday's Asian session lows at 1.6535.
EUR/NZD could move higher if above 1.6685
“Expectation of higher rates in NZ, combined with strong economic fundamentals, is partly why we are bullish on the NZ dollar in the medium-term,” said Chris Tedder from Forex.com, adding: “However, EURNZD’s rejection at around 1.6500 creates the possibility for a technical push higher in the near-term, especially if a resistance zone around 1.6685/90 is broken – 25% retracement level from August’s high and 50day SMA.”
EUR/NZD key technical levels
Immediate resistance to the upside for EUR/NZD shows at recent session highs 1.6665, followed by early NY session weekly highs at 1.6693, while to the downside, closest support lies at recent session/yesterday's lows 1.6591, followed by Monday's Asian session lows at 1.6535.