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EUR/NZD analysis for August 14, 2014

EURNZDDaily14.png


EURNZDH114.png


Overview:


Since our last analysis, EUR/NZD has been trading downwards. As we expected, the price was tested at the level of 1.5711 in a volume above the average. We can observe successful rejection from our Fibonacci expansion 161.8% at the price of 1.5815, which is a sign that buying at this stage looks risky. Watch for potential selling opportunities. According to the previous price action, we got support at the price of 1.5625 (swing high like resistance). I have placed Fibonacci retracement from the most recent upward leg and I got Fibonacci retracement 38.2 % at the price of 1.5710 (currently on the test). Be careful when buying this pair and watch for potential selling opportunities.


Daily pivot Fibonacci points:


Resistance levels:


R1: 1.5851


R2: 1.5871


R3: 1.5902


Support levels:


S1: 1.5789


S2: 1.5769


S3: 1.5738


Trading recommendations: Be careful when buying the EUR/NZD pair and watch for selling opportunities after retracement.


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



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