FX.co ★ EUR/NZD: Analysis for August 29, 2013

Overview:

Since our last analysis, the EUR/NZD pair has been trading sideways around the price of 1.7035. We are waiting for upward movement and testing the level of 1.7360. The current situation in (4H) timeframe is that we have got upward move on increasing volume. That is a sign that the downward corrective phase ended (we got point D). In the daily chart we can observe supply bar on volume above the average. This is a sign that we may see small corrective phase before we see an ascending move and a test of the level of 1.7360 (FE 61.8 %). Since we are in the uptrend, according to the daily chart, I advise you to watch for buying opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.7227

R2: 1.7276

R3: 1.7355

Support levels:

S1: 1.7069

S2: 1.7020

S3: 1.6941

Trading recommendation: Be careful with selling and look for buying opportunities; I recommend 1.7360 as the second short-term target.