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EUR/NZD : analysis for January 02, 2015

EURNZDDaily02.png


EURNZDH402.png


Overview:


In our last analysis, EUR/NZD was trading upwards. The price tested the level of 1.5575 in a volume above the average. According to the H4 time frame, we can see weak supply in the background, which caused price to start with upwrad movement. We have resistance levels at the price of 1.5645-1.5710. My advice is to watch for potential buying opportunities with profit targets around our resistance levels.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.5534


R2: 1.5550


R3: 1.5574


Support levels:


S1: 1.5486


S2: 1.5470


S3: 1.5446


Trading recommendations: Be careful when selling the EUR/NZD pair at this stage, since we can observe supply in a low volume.


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