Forex Analysis

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EUR/NZD: Update

Posted at May 30, 2013 Categories : Forex Analysis |

Overview:

Since EUR/NZD did not break our FE 161.8% (1.5851) price rejected from lower diagonal of our channel and made new high at price 1.6160 on ultra high volume. We got buying climax bar (ultra high volume bar) on the high new ground which may be potential short term top on this pair.Price also broke previous high (1.6050) but volume didnt confirm breakout so this breakout may be potential false breakout.Buying short term EUR/NZD  stil looking very risky because we got buying climax,potential false breakout and testing of upper diagonal of our channel.If we react well from buying climax we may see testing of previous supply area at price 1.6050.

Daily pivot Fibonacci points:

Resistance levels:

R1 : 1.5987

R2 : 1.6013

R3 : 1.6056

Support levels:

S1 : 1.5902

S2 : 1.5876

S3 : 1.5834

Trading recommendation: Be careful with short-term buying and look for selling opportunities. I recommend 1.6050 for first down target. 

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