empty
 
 
05.06.2014 02:34 PM
EUR/NZD analysis for June 05, 2014

This image is no longer relevant

This image is no longer relevant

Overview:

Since our previous analysis, the EUR/NZD pair has been trading downwards, as we expected, the price tested the level of 1.6088 on high volume. As you can see in the graph, the price rebounded from our Fibonacci expansion 100% at the level of 1.6170, as we expected. According to the 1H timeframe, we can observe that strong supply on ultra high volume has entered the market around the price of 1.6196. Buying at this stage looks very risky since the price is near the resisntace level and we got buying climax in the background according to the daily chart. According to the previous price action, I got support levels around the price of 1.6030 and 1.6010.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6187

R2: 1.6207

R3: 1.6239

Support levels:

S2: 1.6104

S3: 1.6073

Trading recommendation: Be careful with buying the EUR/NZD pair 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