Recently, the EUR/NZD pair has been trading downwards. As I expected, the price tested the level of 1.4534. According to the 5M time frame, I found unconfirmed hidden bearish divergence on moving average oscillator which is a sign of potential weakness. The trend is still downward. My advice is to watch for selling opportunities. I found upward trend channel and my advice is to wait for potential breakout of rising channel to confirm re-continuation of the trend. I found strong resitance at the price of 1.4655-1.4665.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.4735
R2: 1.4760
R3: 1.4795
Support levels:
S1: 1.4665
S2: 1.4642
S3: 1.4605
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Recently, the EUR/NZD pair has been trading downwards. As I expected, the price tested the level of 1.4534. According to the 5M time frame, I found unconfirmed hidden bearish divergence on moving average oscillator which is a sign of potential weakness. The trend is still downward. My advice is to watch for selling opportunities. I found upward trend channel and my advice is to wait for potential breakout of rising channel to confirm re-continuation of the trend. I found strong resitance at the price of 1.4655-1.4665.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.4735
R2: 1.4760
R3: 1.4795
Support levels:
S1: 1.4665
S2: 1.4642
S3: 1.4605
Trading recommendations for today: watch for potential selling opportunities.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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