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EUR/NZD : analysis for April 14, 2015

EURNZDDaily14.png


EURNZDH414.png


Overview:


Recently, EUR/NZD has been trading sideways around 1.4180. We are facing low volatility. Our Fibonacci expansion 100% at the level of 1.4035 was held successfully and the price went into a corrective phase. I have placed Fibonacci retracement to find potential resistance levels and have got Fibonacci retracement 38.2% at 1.4230 (currently on the test) and Fibonacci retracement 61.8% at 1.4350. The short-term trend is neutral. We are waiting for a clear direction, so we can take better opportunity. If the price breaks the level of 1.4235 in a high volume, we may see it testing the level of 1.4350. Anyway, if we see larger supply on the market, we may see possible re-testing of 1.4030.

Resistance levels:


R1: 1.4224


R2: 1.4265


R3: 1.4333


Support levels:


S1: 1.4090


S2: 1.4050


S3: 1.3980


Trading recommendations: If the price breaks the level of 1.4235 in a high volume, we may see potential testing of the level of 1.4350. Buying opportunities are preferable above the price 1.4235.




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