InstaForex - Analytics

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    GOLD Intraday Technical Analysis

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    Overview:

    Recently, EUR/NZD is moving upwards. As we had expected, the price tested the level of 1.6581 in a high volume. In the daily time frame, we can observe a bearish bar in a volume below previous two bars (no supply bar). The short-term trend has changed from bearish to bullish. The price got back into our trading range between the level of 1.6430 and the level of 1.6615. I am waiting for a clear breakout of our trading range and strong momentum. Bullish phase is in progress. Be careful when selling EUR/NZD.

    Fibonacci Pivot Points :

    Resistance levels:

    R1: 1.6480

    R2: 1.6520

    R3: 1.6580

    Support levels:

    S1: 1.6350

    S2: 1.6310

    S3: 1.6245

    Trading recommendations: Selling EUR/NZD looks risky. We can observe a fake breakout of our support in the background.


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