Since our last analysis the EUR/NZD pair has been trading sideways move around price 1.6900, we are still waiting for a larger move. I placed Fibonacci expansion level for future up and I got FE 61.8% at price 1.7500. Since we broke level 1.7106 (previous swing high), we may expect future up. Current situation on (4H) time frame is that we got large buying climax bar (ultra high volume bar) and decreasing volume on previous down move which is a sign, that supply is weak. On the daily chart we can also see s demand bar which is confirmation that we may see future up. Since we are in up trend and since we got increasing volume on previous up move, buying above level 1.7106 looks attractive.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.7008
R2: 1.7059
R3: 1.7140
Support levels:
S1: 1.6846
S2: 1.6795
S3: 1.6714
Trading recommendation: Be careful with selling and look for buying opportunities. I recommend 1.7500 for down 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 move around price 1.6900, we are still waiting for a larger move. I placed Fibonacci expansion level for future up and I got FE 61.8% at price 1.7500. Since we broke level 1.7106 (previous swing high), we may expect future up. Current situation on (4H) time frame is that we got large buying climax bar (ultra high volume bar) and decreasing volume on previous down move which is a sign, that supply is weak. On the daily chart we can also see s demand bar which is confirmation that we may see future up. Since we are in up trend and since we got increasing volume on previous up move, buying above level 1.7106 looks attractive.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.7008
R2: 1.7059
R3: 1.7140
Support levels:
S1: 1.6846
S2: 1.6795
S3: 1.6714
Trading recommendation: Be careful with selling and look for buying opportunities. I recommend 1.7500 for down target.
The material has been provided by InstaForex Company – www.instaforex.com
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