Since our last analysis, the EUR/NZD pair has been trading sideways around the price 1.6428, we are still waiting for larger move and bullish movement. I placed Fibonacci expansion to find levels where down corrective phase may finish and I got FE 100% at price 1.6357 and FE 161.8% at price 1.6030. The current situation on (4H) time frame is that we got demand bar and we may expect starting of up movement (trend continuation). On the daily chart we can no supply bar on the volume below the average and rejection from previous up swing (blue shape), which is a sign that we may see up continuation and testing of level 1.7100. I calculated volume in previous down leg and previous up leg and I got increasing on up leg of about 36% which is sign that we changed bearish momentum into bullish momentum (4H chart). Since we are in an uptrend, according to the daily chart, I advise you to watch for buying opportunities.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6470
R2: 1.6491
R3: 1.6524
Support levels:
S1: 1.6403
S2: 1.6382
S3: 1.6348
Trading recommendation: Be careful with selling and look for buying opportunities I recommend 1.7100 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 around the price 1.6428, we are still waiting for larger move and bullish movement. I placed Fibonacci expansion to find levels where down corrective phase may finish and I got FE 100% at price 1.6357 and FE 161.8% at price 1.6030. The current situation on (4H) time frame is that we got demand bar and we may expect starting of up movement (trend continuation). On the daily chart we can no supply bar on the volume below the average and rejection from previous up swing (blue shape), which is a sign that we may see up continuation and testing of level 1.7100. I calculated volume in previous down leg and previous up leg and I got increasing on up leg of about 36% which is sign that we changed bearish momentum into bullish momentum (4H chart). Since we are in an uptrend, according to the daily chart, I advise you to watch for buying opportunities.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6470
R2: 1.6491
R3: 1.6524
Support levels:
S1: 1.6403
S2: 1.6382
S3: 1.6348
Trading recommendation: Be careful with selling and look for buying opportunities I recommend 1.7100 for short-term up target.
The material has been provided by InstaForex Company – www.instaforex.com
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