After the second drop from 1.82, EurNzd started a range trading and consolidation just above 1.75 important support. Yesterday's rise above consolidation's resistance was in fact, a false break that came to test the recently broken trend line and after this test the pair fell strongly under 1.75. The violence of the drop could indicate that a genuine break under support will follow and in such an instance, the pair could drop to the next important level at 1.7. Also, looking at the daily posted chart, there is a Double top pattern with the measured target of 700 pips. I'm bearish on this pair as long as 1.77 is intact.
📊QUICK FUNDAMENTAL LOOK
The New Zealand dollar appreciated to around $0.62, heading toward its highest levels since July as the US dollar tumbled on dovish signals from the Federal Reserve.
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