Overview:
Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested and rejected from the level of 1.6280 on volume above the average. We can observe that our Fibonacci expansion level 100% at the price of 1.6244 held successfully, so buying at this stage looks risky. There is an also previous swing low zone (1.6240), which is another good resistance zone. 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. According to the 4H timeframe chart, we can observe that strong supply has entered the market at at the price of 1.6260, which is a good sign for the further bearish movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6247
R2: 1.6282
R3: 1.6339
Support levels:
S1: 1.6134
S2 : 1.6099
S3: 1.6043
Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities.
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 29, 2014 . Thanks for your support on EUR/NZD analysis for April 29, 2014
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