Forex Market: EUR/NZD daily forecast

May 21, 2014 6:15 am

During yesterday’s trading session EUR/NZD traded within the range of 1.5884-1.6004 and closed at 1.6004.

At 6:11 GMT today EUR/NZD was adding 0.18% for the day to trade at 1.6012. The pair touched a daily high at 1.6022 during early Asian trading hours.

Fundamental view

The surplus on Euro zone’s seasonally adjusted current account probably widened to 24.2 billion EUR in March, according to the median estimate of experts. In February the surplus figure was 21.9 billion EUR. The official data is to be released at 8:00 GMT.

In addition, the preliminary value of the compound index of economic sentiment (ESI) for the Euro zone probably improved to a reading of -8.0 during the current month from -8.6 in April. The European Commission is expected to publish the preliminary data at 14:00 GMT. This survey precedes the final reading by two weeks. A larger than projected improvement in the index would provide support to the single currency.

Technical view

Screenshot from 2014-05-21 09:15:18

According to Binary Tribune’s daily analysis, in case EUR/NZD manages to breach the first resistance level at 1.6044, it will probably continue up to test 1.6084. In case the second key resistance is broken, the pair will probably attempt to advance to 1.6164.

If EUR/NZD manages to breach the first key support at 1.5924, it will probably continue to slide and test 1.5844. With this second key support broken, the movement to the downside will probably continue to 1.5804.

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