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EUR/NZD: analysis for March 25, 2015

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Overview:

In our last analysis, EUR/NZD was trading upwards. As we expected, the price has tested the level of 1.4339 in a high volume. The short-term trend changed from bearish to neutral. I found strong reaction from buyers at the support level of 1.4260. I have placed Fibonacci retracement to find potential resistance levels. I got Fibonacci retracement 38.2% at the price of 1.4320 (already broken) and Fibonacci retracement 61.8% at the price of 1.4440. According to the 4H timeframe, we got an absorption volume in the background. My advice is to watch for potential buying opportunities above the level of 1.4320 (buy on the dips).

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.4338

R2: 1.4365

R3: 1.4408

Support levels:

S1: 1.4251

S2: 1.4224

S3: 1.4043

Trading recommendations: Be careful when selling at this stage and watch for potential buying opportunities after a retracement (buy the dips).


Petar Jacimovic neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

Uitgevoerd door, Analytische expert
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