Overview
Since our previous analysis, the EUR/NZD pair has been trading downwards, as we expected, the price tested the level of 1.6067 on volume above the average. We can observe that our Fibonacci expansion level of 100% at the price of 1.6244 held successfully and that caused price to go downwards. According to the daily chart, we can observe that supply overcoming demand just like we expected. 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 rejecetion on ultra high volume (buying climax) from our Fibonacci retracement 38.2% at the price of 1.6160. Price broke our first support level (1.6095) and we may see possible testing of the level of 1.6000 (previous swing low).
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6172
R2: 1.6203
R3: 1.6253
Support levels:
S1: 1.6072
S2 : 1.6041
S3: 1.5991
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 May 01, 2014 . Thanks for your support on EUR/NZD analysis for May 01, 2014
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