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11 Sep 2013
EUR/NZD selling off from highs on Euro weakness
FXstreet.com (Barcelona) - The EUR/NZD foreign exchange cross rate is last trading at 1.6475 off recent session highs at 1.6516 still a little bit in the positive from yesterday's Asia-Pacific open, and about flat for the week so far, ahead of Thursday's ECB Draghi's speech and RBNZ meeting.
EUR/NZD in the process of testing a key support
“EURNZD is in the process of testing of a key support zone at a convergence of trend line support, horizontal support and the pair’s 100day SMA,” said Sydney based market strategist at FOREX.com Chris Tedder, adding: “A break here could be the catalyst for a further sell-off, possibly even towards the pair’s 200day SMA, which price action has remained above since May. If the pair is rejected by this support zone then we may see it attempt to push back to the top of its trading range.”
EUR/NZD key technical levels
Immediate resistance to the upside for EUR/NZD shows at recent session highs 1.6516, followed by London session highs at 1.6549, and Monday's weekly highs at 1.6570. To the downside, closest support lies at Monday's London session lows 1.6453, followed by yesterday's/Monday's weekly lows at 1.6418, and Friday's 3-week lows at 1.6382.
EUR/NZD in the process of testing a key support
“EURNZD is in the process of testing of a key support zone at a convergence of trend line support, horizontal support and the pair’s 100day SMA,” said Sydney based market strategist at FOREX.com Chris Tedder, adding: “A break here could be the catalyst for a further sell-off, possibly even towards the pair’s 200day SMA, which price action has remained above since May. If the pair is rejected by this support zone then we may see it attempt to push back to the top of its trading range.”
EUR/NZD key technical levels
Immediate resistance to the upside for EUR/NZD shows at recent session highs 1.6516, followed by London session highs at 1.6549, and Monday's weekly highs at 1.6570. To the downside, closest support lies at Monday's London session lows 1.6453, followed by yesterday's/Monday's weekly lows at 1.6418, and Friday's 3-week lows at 1.6382.