Since our last analysis, the EUR/NZD pair has been trading upwards, as we expected, the price tested the level of 1.7074 on high volume. The current situation in (4H) timeframe is that we have got increasing in volume in a upward move which is a sign that down corrective phase has ended (we got point D). In the daily chart, we can observe demand bar on volume above the average and a bounce back from the previous ascendant swing (blue shape), which is a sign that we may see an upstroke and a test of the level of 1.7360. Since we are in an uptrend, according to the daily chart, I advise you to watch for buying opportunities after the correction.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.7037
R2: 1.7091
R3: 1.7178
Support levels:
S1: 1.6863
S2: 1.6809
S3: 1.6722
Trading recommendation: Be careful with selling and look for buying opportunities; I recommend 1.7100 for the short-term upward target and 1.7360 like second short term target if price breaks 1.7100.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our last analysis, the EUR/NZD pair has been trading upwards, as we expected, the price tested the level of 1.7074 on high volume. The current situation in (4H) timeframe is that we have got increasing in volume in a upward move which is a sign that down corrective phase has ended (we got point D). In the daily chart, we can observe demand bar on volume above the average and a bounce back from the previous ascendant swing (blue shape), which is a sign that we may see an upstroke and a test of the level of 1.7360. Since we are in an uptrend, according to the daily chart, I advise you to watch for buying opportunities after the correction.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.7037
R2: 1.7091
R3: 1.7178
Support levels:
S1: 1.6863
S2: 1.6809
S3: 1.6722
Trading recommendation: Be careful with selling and look for buying opportunities; I recommend 1.7100 for the short-term upward target and 1.7360 like second short term target if price breaks 1.7100.
The material has been provided by InstaForex Company – www.instaforex.com
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