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EUR/NZD analysis for March 15, 2016

EURNZDDaily.png15.png

EURNZDH4.png15.png

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6746. In the daily time frame, we can observe a demand bar in an average volume. In the H4 time frame, I found a broken downward channel (high volume breakout )in the background, which is a strong sign for a potential upward movement. I have placed Fibonacci expansion to find potential upward targets and resistance levels. I got Fibonacci expansion 61.8% at the level of 1.6940, FIbonacci expansion 100% at the level of 1.7200 and Fibonacci expansion 161.8% at the level of 1.7670. Watch for potential buying opportunities on dips.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6705

R2: 1.6695

R3: 1.6770

Support levels:

S1: 1.6545

S2: 1.6510

S3: 1.6450

Trading recommendation for today: watch for potential buying opportunities on dips.

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