Overview:
Since our previous analysis, the EUR/NZD pair has been trading sideways, around the price of 1.6080 on the volume just above the average, we are still waiting for a larger movement. According to the daily chart (Wednesday), we can observe demand bar (weak) on the volume just above the average, which is a sign that buying at this stage looks risky. According to the 4H timeframe, we've got rising price on volume below the average. As we already wrote in the previous analysis, EUR/NZD is in short- and mid-term bearish trend, so watch for selling opportunities after retracement. I placed Fibonacci expansion levels and I have got Fibonacci expansion 61.8% at the price of 1.6090 (currently on the test) and Fibonacci expansion 100% at the price of 1.6245. Buying looks risky, so watch for selling opportunities after retracement. Any larger supply on higher volume may confirm further bearish movement. Also, there is resistance at the price of 1.6175 (previous swing high).
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6093
R2: 1.6128
R3: 1.6186
Support levels:
S1: 1.5977
S2 : 1.5942
S3: 1.5884
Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via EUR/NZD analysis for April 17, 2014 . Thanks for your support on EUR/NZD analysis for April 17, 2014
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