EUR/NZD analysis for May 04, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been trading upwards. As we had expected, the price tested the level of 1.4898 in a volume below the average. The short-term trend had changed from bullish to neutral. Be careful when buyingh at this stage since we may see bearish correction. According to Fibonacci expansion, the next bullish objective point is at the price of 1.5000 (Fibonacci expansion 161.8%). According to the daily time frame, we can observe demand in a volume below the average. I have placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at the price of 1.4620, Fibonacci retracement 50% at the price of 1.4535 and Fibonacci expansion 61.8% at the price of 1.4450.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.4890

R2: 1.4935

R3: 1.5010

Support levels:

S1: 1.4745

S2: 1.4700

S3: 1.4625

Trading recommendations: Be careful when selling EUR/NZD and watch for potential buying opportunities after a retracement.

The material has been provided by InstaForex Company - www.instaforex.com

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