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Chart Of The Day: EURNZD Signals Further Downside

July 04, 2016 02:50

 

Following its failure to sustain the post-Brexit bounce, the EURNZD seems slowly coming towards printing a new low, as indicated by immediate trend-channel. However, 1.5470 can act as nearby support to clear prior to re-visiting the EU referendum result-day low around 1.5450. Given the pair continue extending its downside below 1.5450, 61.8% FE of its recent plunge & pullback, coupled with mentioned channel's support, around 1.5410, quickly followed by 1.5400 round figure, may offer strong support area, which if broken can drag the pair to 1.5320 rest-point.

On the upside, the 1.5525-30 is likely adjacent resistance that the pair may have to surpass in order to show 1.5565 and the channel resistance of 1.5580. Should the pair rises beyond 1.5580, 23.6% Fibonacci Retracement level of 1.5590 and a fortnight long trend-line, at 1.5600, can offer important resistances. If the pair manages to break the 1.5600, chances of its quick rise to 38.2% Fibo level of 1.5675 and then to 1.5700 mark can't be denied.

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