EUR/NZD – continuation likely

Jun 14, 2023

Note: Core PPI was neutral-M/M was negative

Bearish:  We are currently @ 1.7484 in a channel.  IF we can break the slope support here, we are looking for a continuation to the 1.000 Fibo/ATR target @ 1.7426 with the overall target the 1.270 Fibo  @ 1.7387.  Watch the USDX for direction. The average daily true range (ATR) for the pair is 127 pips per day and it’s 180 day average is 163 pips per day. USDX is currently moving down.