Since our previous analysis, the EUR/NZD pair has been trading sideways, around the price of 1.6150, we are still waiting for larger movement. Our previous analysis is still active. According to the daily chart we can observe weak supply on high volume, which is a sign that we may see further bullish movements. 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 phase. I have placed Fibonacci levels to find upper stations and i got Fibonacci Retracement 38.2% at the price of 1.6234 and Fibonacci Retracement 61.8% at the price of 1.6325. I have also placed Fibonacci expansion levels and I got FE 61.8% at the price of 1.6170, FE 100% at the price of 1.6225 and FE 161.8% at the price of 1.6315. To confrim potential bullish phase, we need to see strong demand on high volume on the market. Anyway, if the price breaks the level of 1.6085 on high volume, we may see testing of the level 1.6020 (Fibonacci expansion 100%) before any larger upward movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6207
R2: 1.6234
R3: 1.6276
Support levels:
S1: 1.6123
S2 : 1.6096
S3: 1.6054
Trading recommendation: Be careful with selling the EUR/NZD pair since we got selling climax and weak supply according, to the daily chart.
The material has been provided by InstaForex Company – www.instaforex.com
Overview:
Since our previous
analysis, the EUR/NZD pair has been trading sideways, around the price of
1.6150, we are still waiting for larger movement. Our previous analysis is
still active. According to the daily chart we can observe weak supply on high
volume, which is a sign that we may see further bullish movements. 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 phase. I have placed Fibonacci levels to
find upper stations and i got Fibonacci Retracement 38.2% at the price of
1.6234 and Fibonacci Retracement 61.8% at the price of 1.6325. I have also
placed Fibonacci expansion levels and I got FE 61.8% at the price of 1.6170, FE
100% at the price of 1.6225 and FE 161.8% at the price of 1.6315. To confrim
potential bullish phase, we need to see strong demand on high volume on the
market. Anyway, if the price breaks the level of 1.6085 on high volume, we may
see testing of the level 1.6020 (Fibonacci expansion 100%) before any larger
upward movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6207
R2: 1.6234
R3: 1.6276
Support levels:
S1: 1.6123
S2 : 1.6096
S3: 1.6054
Trading recommendation: Be careful with selling the EUR/NZD
pair since we got selling climax and weak supply according, to the daily chart.
The material has been provided by InstaForex Company – www.instaforex.com
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