EUR/NZD analysis for August 21, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7058 in a low volume. In the daily time frame, we can observe double confirmed upward thrusting bars. According to the H1 chart, we have no demand bars confirmed at the price of 1.7040. That activity made the price drop and create 2-bar revrsal as well, which is now a clear sign that we may expect a downward movement. According to Wyckoff analysis, the price is building a potential strong distribution (selling). The price broke upward trading range and we may expext stronger selling pressure in the next period. Watch only for selling opportunities after retracements. The intraday trend has changed from upward to downward.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6955

R2: 1.6985

R3: 1.7035

Support levels:

S1: 1.6745

S2: 1.6700

S3: 1.6640

Trading recommendations: Watch only for selling. The price successfully rejected from our Fibonacci retracement 61.8%. Sell after retracements.

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