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    EUR/NZD analysis for April 05, 2016 2016-04-05

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    Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.6791 in a high volume. EUR/NZD is trading in a clearly defined upward trend channel. Watch for buying opportunities on dips inside the channel. I found successful rejection from the medium lane in upward channel, which is a good sign for futher upward movement. First take profit level at the price of 1.6645 has been reached. I found absorption of selling climax in the background, which is a sign that selling EUR/NZD looks very risky. Second take profit level is set at the price of 1.6850.

    Fibonacci Pivot Points:

    Resistance levels:

    R1: 1.6885

    R2: 1.6725

    R3: 1.6790

    Support levels:

    S1: 1.6550

    S2: 1.6510

    S3: 1.6445

    Trading recommendation for today: Watch for buying opportunities on the dips.


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