empty
 
 
11.04.2014 10:44 AM
EUR/NZD analysis for April 11, 2014

This image is no longer relevant

Overview:

Since our previous analysis, the EUR/NZD pair has been trading upwards, as we expected, the price tested and rejected from the the level of 1.6101 on the volume below the average. According to the daily chart, we can observe demand bar on the volume just above the average, which is a sign that selling at this stage looks risky. As we already wrote in the previous analysis, EUR/NZD is in short- and mid-term bearish trend so watch for selling opportunities after retracement. Major down station may be the price of 1.5765. Our Fibonacci retracement 61.8% at the price of 1.6040 is on the test. If the price breaks that area and finish above on the daily chart, we may see more upward movement before any larger supply. Buying looks risky, so watch for selling opportunities after retracement. Any larger supply on higher volume may confirm further bearish movement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6002

R2: 1.6039

R3: 1.6100

Support levels:

S1: 1.5881

S2 : 1.5844

S3: 1.5784

Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.

Summary
Urgency
Analytic
Petar Jacimovic
Start trade
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 $6000 more!
    In December we raffle $6000 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
  • 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