FX.co ★ EUR/NZD: Analysis for September 17, 2013

Overview:

Since our last analysis, the EUR/NZD pair has been trading sideways, around the price of 1.6300 (FE 261.8 %). We are still waiting for an upward movement and testing the level of 1.7360. The current situation in (4H) timeframe is that we have got high volume demand bars. That is a sign that we may see further upward movement. In the daily chart we can observe demand bar on volume just 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 %). Anyway, if the price breaks the level of 1.6220 on high volume, we may see a deeper downward movement. 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: 1.6343

R2: 1.6368

R3: 1.6410

Support levels:

S1: 1.6260

S2: 1.6235

S3: 1.6194

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