Overview:
Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of 1.6241 on volume above the average. We can observe that our Fibonacci expansion level 100% at the price of 1.6244 got tested, so buying at this stage looks risky. There is an also previous swing low zone (1.6240), which is another good resistance zone. 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. Any larger supply on a higher volume may confirm further bearish movement.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.6158
R2: 1.6175
R3: 1.6201
Support levels:
S1: 1.6105
S2 : 1.6088
S3: 1.6061
Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.
Petar Jacimovic is taking part in the “Analyst of the Year” award organized by MT5.com portal. If you like his article, please vote for him.
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Performed by Petar Jacimovic, Analytical expert InstaForex Group © 2007-2014 |
EUR/NZD analysis for April 28, 2014
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