FX.co ★ EUR/NZD: Analysis for September 11, 2013

Overview:

Since our last analysis the EUR/NZD pair has been trading sideways around the price of 1.6430. We are still waiting for an upward movement and testing the level of 1.7360. Since we broke FE 161.8 %, we may see testing FE 261.8 % at the price of 1.6320, before we start with the upward movement. The current situation in (4H) timeframe is that we have got downward move on increasing volumes. That is a sign that we may see further downward movement before we start to move upwards. In the daily chart we can observe no supply bar on volume below the average. This is a sign that we may expect EUR recovery 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: 1.6520

R2: 1.6551

R3: 1.6601

Support levels:

S1: 1.6420

S2: 1.6389

S3: 1.6339

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