Since our last analysis the EUR/NZD pair has been trading sideways moving around price 1.6750. Thus, we are still waiting to see larger move on this pair. Current situation on (4H) time frame is that there is an increasing volume on previous up move, which is a sign there is demand on the market. On a daily chart we can also observe weak supply and no supply bar (Monday bar) on volume just below average which is a sign that down corrective move was weak. Since we are in an uptrend and got increasing volume on previous up move according to the daily chart, buying after every down correction looks quite attractive. In our case, buying from price 1.6630 (FE 161.8 %). We may expect testing of previous up swings at price 1.7100 and also Fibonacci expansion 61.8 % at price 1.7500. Anyway, if the price breaks FE 161.8 % (1.6630), we may see larger corrective down phase.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6796
R2: 1.6826
R3: 1.6875
Support levels:
S1: 1.6698
S2: 1.6668
S3: 1.6619
Trading recommendation:
Be careful with selling and look for buying opportunities after down corrections. I recommend 1.7100 and 1.7500 for short-term up target.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our last analysis the EUR/NZD pair has been trading sideways moving around price 1.6750. Thus, we are still waiting to see larger move on this pair. Current situation on (4H) time frame is that there is an increasing volume on previous up move, which is a sign there is demand on the market. On a daily chart we can also observe weak supply and no supply bar (Monday bar) on volume just below average which is a sign that down corrective move was weak. Since we are in an uptrend and got increasing volume on previous up move according to the daily chart, buying after every down correction looks quite attractive. In our case, buying from price 1.6630 (FE 161.8 %). We may expect testing of previous up swings at price 1.7100 and also Fibonacci expansion 61.8 % at price 1.7500. Anyway, if the price breaks FE 161.8 % (1.6630), we may see larger corrective down phase.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6796
R2: 1.6826
R3: 1.6875
Support levels:
S1: 1.6698
S2: 1.6668
S3: 1.6619
Trading recommendation:
Be careful with selling and look for buying opportunities after down corrections. I recommend 1.7100 and 1.7500 for short-term up target.
The material has been provided by InstaForex Company – www.instaforex.com
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