Since our previous analysis, the EUR/NZD pair has been trading upwards, the price rejected from previous swing lows (1.6177) and tested the price of 1.6230 on higher volume. Our previous analysis is still valid. Be careful with selling since we’ve got selling climax in the background, weak supply near the price of 1.6200 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 1.6292 and Fibonacci Retracement 61.8% at the price of 1.6360. Anyway, if the price breaks the level of 1.6180 on high volume, we may see testing the level of 1.6140 before any larger upward movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6307
R2: 1.6330
R3: 1.6369
Support levels:
S1: 1.6229
S2 : 1.6206
S3: 1.6167
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 (1.6177) and tested the price of 1.6230 on higher volume.
Our previous analysis is still valid. Be careful with selling since we’ve got
selling climax in the background, weak supply near the price of 1.6200 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 1.6292 and Fibonacci Retracement
61.8% at the price of 1.6360. Anyway, if the price breaks the level of 1.6180
on high volume, we may see testing the level of 1.6140 before any larger upward
movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6307
R2: 1.6330
R3: 1.6369
Support levels:
S1: 1.6229
S2 : 1.6206
S3: 1.6167
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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