EUR/NZD analysis for October 29, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving sideways around the level of 1.6450. In the daily time frame, we can observe a neutral bar. Our Fibonacci major retracement 50% held successfully and the price was rejected. An intraday trend is upward (the price is above Ichimoku cloud in the H1 and M30 charts), but the short- and mid-term trend is still downward (the price below Ichimoku cloud in a daily and H4 time frame). So, I would wait for a clear trend in both time frame. According to the H1 time frame, we can observe a volume spike (selling climax) after yesterday's news. We may see potential absorption, but only if the price breaks the level of 1.6510.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6460

R2: 1.6520

R3: 1.6615

Support levels:

S1: 1.6265

S2: 1.6205

S3: 1.6105

Trading recommendations: Intraday buying opportunities are preferable, but the trend is neutral.

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