Thursday, April 30, 2015

EUR/NZD : analysis for April 30, 2015




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Overview:


Recently, EUR/NZD has been trading upwards. As we had expected, the price tested the level of 1.4766 in a high volume. The short-term trend is bullish. Be careful when selling at this stage and watch for potential buying opportunities after a bearish correction. According to the H4 time frame, we can observe that our Fibonacci retracement 38.2% at 1.4200 was held successfully. It caused the price to start moving upwards. Our objective points at the levels of 1.4385, 1.4490, and 1.4525 are met. According to Fibonacci expansion, the next bullish objective point is at the level of 1.5000 (Fibonacci expansion 161.8%). According to the daily time frame, we can observe demand in a high volume, which is a sign that selling looks risky.


Fibonacci Pivot Points:


Resistance levels:


R1: 1.4500


R2: 1.4571


R3: 1.4685


Support levels:


S1: 1.4268


S2: 1.4200


S3: 1.4081


Trading recommendations: Be careful when selling EUR/NZD and watch for potential buying opportunities after a 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.













Performed by Petar Jacimovic, Analytical expert
InstaForex Group © 2007-2015





EUR/NZD : analysis for April 30, 2015

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