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EUR/NZD analysis for August 04, 2016

analytics57a3281389e38.png

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.5445 in a ultra volume. According to the 30M time frame, I found testing of support cluster on the ultra high volume, which is a sign that selling looks risky at this stage. Notice the spread (range) of the bar, it is wide spread of the bar, which is another sign that buyers may react to climatic action. Upward target is set at the price of 1.5520 and 1.5570.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.5615

R2: 1.5650

R3: 1.5700

Support levels:

S1: 1.5500

S2: 1.5465

S3: 1.5410

Trading recommendations for today: Watch for buying opportunities due to a selling climax at the strong support cluster.

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