Overview:
Since our previous analysis, the EUR/NZD pair has been trading upwards. As we expected, the price tested and rejected from the level of 1.6229 on average volume. Our previous analysis is still valid. 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. Our Fibonacci expansion level FE 100% at the price of 1.6225 held successfully and that is the reason why we saw rejection. If the price breaks the level of 1.6230 on higher volume, we may see possible testing of the level at 1.6135 (FE 161.8%). To confrim another 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: 1.6171
R2: 1.6191
R3: 1.6222
Support levels:
S1: 1.6108
S2 : 1.6088
S3: 1.6056
Trading recommendation: Be careful with selling the EUR/NZD pair since we have the 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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