Overview: Since our previous analysis, the EUR/NZD pair has been trading upwards, the price rejected from previous swing lows (1.6190) and tested the price of 1.6288 on average volume. Our previous analysis is still valid. Be careful with selling since we’ve got selling climax in the background and we are near the previous lows. According to H4 timeframe, we can observe weak supplies near the price of 1.6200, which is a sign that selling at that stage looks risky. The EUR/NZD is in short- and mid-term bullish trend, so watch for buying opportunities on the dips and try to catch the bullish continuation phase. I have placed Fibonacci Retracement from the most recent swings and I got Fibonacci Retracement 38.2% at the price of 1.6300 (currently the test) and Fibonacci Retracement 61.8% at the price of 1.6365. Anyway, if the price breaks the level of 1.6190 on high volume, we may see testing the level of 1.6145 before any larger upward movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6305
R2: 1.6339
R3: 1.6392
Support levels:
S1: 1.6199
S2 : 1.6165
S3: 1.6112
Trading recommendation: Be careful with selling the EUR/NZD pair, watch for buying opportunities on the dips and try to catch the potential bullish continuation phase.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our previous analysis, the EUR/NZD pair has been
trading upwards, the price rejected from previous swing lows (1.6190) and
tested the price of 1.6288 on average volume. Our previous analysis is still
valid. Be careful with selling since we’ve got selling climax in the background
and we are near the previous lows. According to H4 timeframe, we can observe
weak supplies near the price of 1.6200, which is a sign that selling at that
stage looks risky. The EUR/NZD is in short- and mid-term bullish trend, so
watch for buying opportunities on the dips and try to catch the bullish
continuation phase. I have placed Fibonacci Retracement from the most recent
swings and I got Fibonacci Retracement 38.2% at the price of 1.6300 (currently the
test) and Fibonacci Retracement 61.8% at the price of 1.6365. Anyway, if the
price breaks the level of 1.6190 on high volume, we may see testing the level
of 1.6145 before any larger upward movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6305
R2: 1.6339
R3: 1.6392
Support levels:
S1: 1.6199
S2 : 1.6165
S3: 1.6112
Trading recommendation: Be careful with selling the EUR/NZD
pair, watch for buying opportunities on the dips and try to catch the potential
bullish continuation phase.
The material has been provided by InstaForex Company – www.instaforex.com
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