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EUR/NZD analysis for August 15, 2014

EURNZDDaily15.png


EURNZDH415.png


Overview:


In our last analysis, EUR/NZD has been trading sideways around the price of 1.6130. We are facing very quite market and low acitivity. We are still waiting for larger volume and stronger price action. I have placed Fibonacci expansion from most recent swings to find support levels. I got Fibonacci expanson 61.8% at the price of 1.6070 (held successfully). If the price breaks the level of 1.6000, we may see the testing of the level of 1.5900. Be careful when buying and watch for potential selling opportunities after retracement. According to the daily timeframe, we can observe weak demand on the market.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.6176


R2: 1.6205


R3: 1.6252


Support levels:


S1: 1.6082


S2: 1.6053


S3: 1.6006


Trading recommendations: Be careful when buying the EUR/NZD pair since we may see short-term bearish continuation.


The material has been provided by InstaForex Company - www.instaforex.com