The Euro-Kiwi rate appears to be on a downwards trend after it bounced off its 200-day moving average value last week. The pair closed at the 200-day average on January 8 after disappointing Australian trade data releases. However, it shunned bad news in the following days, reacting strongly to positive news about Australia’s better than expected Retail Sales and Italy’s worse than expected Industrial Production on the 10th.

After a deceleration in German GDP growth, according to data released today suggesting that output in 2018 rose by 1.5% compared to 2.2% in 2017, the EURNZD pair again turned down. Currently the pair is trading at around 1.6775, with the short-term MA having crossed the long-term MA last Friday.

The Resistance point at 1.6938 (Fib. 38.2%) appears not to be binding, as the pair is slowly approaching the 1.6705 (Fib. 50.0%) Support level which could be reached if the Euro is affected by the Brexit vote today. The MACD is also supportive of the downwards trend as it has started its deceleration towards zero. However, it should be remembered that proper risk management is required in order for traders to avoid any excess risk taking.

Disclaimer: Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of purchase or sale of any financial instrument.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex Analysis

Editors’ Picks

EUR/USD pressured below 1.0950 after ADP, ISM beat

EUR/USD has is trading below 1.0950, under pressure. ADP's private-sector jobs report has shown a loss of only 27,000 jobs, far better than expected. The ISM Manufacturing PMI also beat with 49.1 points.


GBP/USD battles 1.24 as UK coronavirus death toll jumps by 31%

GBP/USD is trading around 1.24 The market mood is gloomy as coronavirus continues spreading. The UK's death toll jumped by 31% to 2,352. Markets are digesting US data.


Oil prices are poor predictors of recession

Crude price movement before last five recessions are ambivalent. WTI has fallen 66% since January 7 to its lowest price in 18 years. Previous sharp drops in oil did not anticipate downturns.

Read more

Gold: USD 1600 is the major pivot level but is the retracement over?

Gold has been pulling back up since the recent low on March 16th. It's amazing to think that in these uncertain times the price fell to hit a low to USD 1451.32.

Gold News

WTI drops to $20 area after EIA reports huge increase in US crude oil stocks

Crude oil prices came under renewed selling pressure in the last hour after the weekly report published by the US Energy Information Administration (EIA) showed a huge build-up in crude oil stockpiles.

Oil News

Forex Majors