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EUR/NZD : analysis for August 26, 2015

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Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7862. The price has spiked 1,000 pips since our last analysis but it created the strong sign of weakness and big supply presure. In the daily time frame, we can observe that sellers started to sell actively around the level of 1.8685. Now, this is a strong sign of weakness. Consider only selling opportunities after retracement. Potential profit targets are 1.7330, 1.6930, and 1.6260. The intraday trend is downward. According to the M5 time frame, we did not get any demand bars (weak demand).

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7956

R2: 1.8085

R3: 1.8289

Support levels:

S1: 1.7545

S2: 1.7420

S3: 1.7215

Trading recommendations: Watch only for selling opportunities after retracement.



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