Overview:
Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6335 in an average volume. In the daily time frame, I found broken 200 SMA and 50 SMA (sign of strength). In the H4 time frame, I found a change in behavior from downward to upward. Selling EUR/NZD at this stage looks risky. Watch for potential buying opportunities. Resistance levels are at the price of 1.6400 and 1.6750.
Fibonacci Pivot Points:
Resistance levels:
R1: 1.6275
R2: 1.6340
R3: 1.6440
Support levels:
S1: 1.6075
S2: 1.6010
S3: 1.5910
Trading recommendations: Selling EUR/NZD looks very risky at this stage since the price has broken our daily 200 SMA in the H4 and daily time frames. Watch for potential buying opportunities on the dips.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via EUR/NZD analysis for January 07, 2016 . Thanks for your support.
No comments:
Post a Comment