Overview
Since our previous analysis, the EUR/NZD pair has been trading downwards, as we expected, the price tested the level of 1.5985 on volume above the average according to the daily chart. According to the daily chart, we can observe suppply on volume above the average, which is a good sign for furhter bearish movement. 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 supply on volume below the average and the testing of the previous swing low area (1.6000). If the price breaks the level of 1.6000 on higher volume, we may see testing the level of 1.5960 (Fibonacci retracement 61.8%). We must say that the volume is not so big today, so we are waiting for larger volume and price action.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6070
R2: 1.6093
R3: 1.6131
Support levels:
S1: 1.5994
S2 : 1.5971
S3: 1.5933
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 05, 2014 . Thanks for your support on EUR/NZD analysis for May 05, 2014
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