EUR/NZD extends downside, hits fresh one-year low of 1.5220, momentum heavily bearish, we see scope for test of 1.4128 levels.
The pair has broken below 200-SMA on the weekly charts, Technical indicators are heavily bearish.
Uncertainty in the euro area post-Brexit and rising commodity prices (which are supportive for NZD) weigh negatively for the pair.
Bearish invalidation only above 50-DMA currently at 1.6182
Good to go short on rallies, SL: 1.6182, target: 1.5080/1.4787/1.4128
The pair has broken below 200-SMA on the weekly charts, Technical indicators are heavily bearish.
Uncertainty in the euro area post-Brexit and rising commodity prices (which are supportive for NZD) weigh negatively for the pair.
Bearish invalidation only above 50-DMA currently at 1.6182
Good to go short on rallies, SL: 1.6182, target: 1.5080/1.4787/1.4128