Overview:
Since our last analysis the EUR/NZD pair has been trading in the downward movement, the price tested the level of 1.6807 on high volume and tested FE 100 % as we expected. We are still waiting for the upward movement and testing the level of 1.7360. I placed Fibonacci Expansion levels to find the potential end of down corrective phase and I got FE 61.8% at the price of 1.6916 and FE 100% at the price of 1.6795. The current situation in (4H) timeframe is that we have got downward move on decreasing volume. That is a sign that the downward corrective phase may end (we got potential point D). In the daily chart we can observe weak supply on volume below the average. This is a sign that this is a corrective phase and we should wait for the end of the corrective phase before we see an ascending move and a test of the level of 1.7360 (FE 61.8 %). Since we are in the uptrend, according to the daily chart, I advise you to watch for buying opportunities.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1.7023
R2: 1.7073
R3: 1.7153
Support levels:
S1: 1.6863
S2: 1.6813
S3: 1.6733
Trading recommendation: Be careful with selling and look for buying opportunities. I recommend 1.7360 as the second short-term target.
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Performed by Petar Jacimovic, Analytical expert InstaForex Group © 2007-2013 |
EUR/NZD: analysis for September 03, 2013
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