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EUR/NZD analysis for August 20, 2015


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Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6940 in a high volume. In the daily time frame, we can observe double confirmed up-thrust bars. According to the H1 chart, we have an absorption volume in the background (short-term buying looks very risky). We may expect continuation of downward movement. Fibonacci retracement 61.8% is at the price of 1.6945. According to Wyckoff analysis, the price is building a potential strong distribution (selling). Intraday frames are favoring sellers as well. Strong support is around the price of 1.6700.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6875

R2: 1.6915

R3: 1.6980

Support levels:

S1: 1.6745

S2: 1.6700

S3: 1.6640

Trading recommendations: Watch only for selling. The price successfully rejected from our Fibonacci retracement 61.8%. Sell after retracements.

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