24.03.201416:58 Forex Analysis & Reviews: EUR/NZD analysis for March 24, 2014

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Overview:
Since our previous analysis, the EUR/NZD pair has been trading upwards. As we expected, the price tested and rejected from the level of 1.6229 on average volume. Our previous analysis is still valid. According to the daily chart, we can observe weak supply on high volume, which is a sign that we may see further bullish movements. The EUR/NZD is in short- and mid-term bullish trend, so watch for buying opportunities on the dips and try to catch the bullish phase. Our Fibonacci expansion level FE 100% at the price of 1.6225 held successfully and that is the reason why we saw rejection. If the price breaks the level of 1.6230 on higher volume, we may see possible testing of the level at 1.6135 (FE 161.8%). To confrim another potential bullish phase, we need to see strong demand on high volume on the market. Anyway, if the price breaks the level of 1.6085 on high volume, we may see testing of the level 1.6020 (Fibonacci expansion 100%) before any larger upward movement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6171

R2: 1.6191

R3: 1.6222

Support levels:

S1: 1.6108

S2 : 1.6088

S3: 1.6056

Trading recommendation: Be careful with selling the EUR/NZD pair since we have the selling climax and weak supply, according, to the daily chart.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.