empty
 
 
12.08.2013 12:43 PM
EUR/NZD: Analysis for August 12, 2013

This image is no longer relevant

This image is no longer relevant

Overview:

Since our last analysis, the EUR/NZD pair has been trading sideways around the price of 1.6620, we are still waiting for a larger move and future uptrend. Since we have got our first short-term target at the level of 1.700 I have placed Fibonacci expansion to find next target level and I have got FE 61.8 at the price of 1.7360 as a potential second target in case the price breaks the level of 1.7100. The current situation in (4H) timeframe is that we have got decreasing in volume in down move which is sign that this is corrective phase. In the daily chart, we can observe no supply bar on volume just above the average and a bounce back from the previous ascendant swing (blue shape), which is a sign that we may see an upstroke and a test of the level of 1.7360. I calculated volume in the previous down leg and the prior up leg and I got the up leg increasing by about 36% the down leg, which is a sign that we have changed the bearish momentum into the bullish one (4H chart). Since we are in an uptrend, according to the daily chart, I advise you to watch for buying opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6711

R2: 1.6759

R3: 1.6835

Support levels:

S1: 1.6558

S2: 1.6510

S3: 1.6433  

Trading recommendation: Be careful with selling and look for buying opportunities; I recommend 1.7100 for the short-term upward target and 1.7360 if the price breaks the level of 1.7100.  

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback