EUR/NZD Sell Opportunity: Breaks Below Trendline Support

This week on Tuesday, EUR/NZD dropped below the long-term trendline support ahead of RBNZ rate decision and monetary policy.

RBNZ expects a rise official cash rate from 0.75% to 1.00%. Despite a sharp downside in the global equity space on further escalating military tensions between Ukrainian and pro-Russia separatist/Russia forces and continued Russia/NATO tensions in the background, EUR/NZD has dropped below the critical trendline resistance level and creates a selling opportunity.

From the current zone, 1.6950 was the trendline support zone. Now it has become a trendline resistance. So, as long as EUR/NZD is below the trendline support, it still has chances to drop further.

The market expects RBNZ to rise 50BPS though RBNZ forecasted only 25 BP. Any surprise rate hike like 50BP or more will Send EUR/NZD 1.6500 price zone or more.

From the present rate, immediate support is identified is at the 1.6840 price zone. Breaking below 1.6840, our final target to the downside is 1.6500.

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