FX.co ★ EUR/NZD analysis for April 02, 2014

Overview:

Since our previous analysis, the EUR/NZD pair has been trading upwards, the price tested the level of  1.6103 on volume above the average. According to the daily chart, we can observe demand bar on volume just below the average, which is a sign that we started larger bullish correction. Our levels of 1.5940 and 1.6050 are broken and the next major resistance on this pair may be at the level of 1.6200-1.6230 (Fibonacci retracement 38.2%, previous swing low area). Price rejected from our Fibonacci expansion 161.8% level at the price of 1.5810 and that caused price to start bullish correction. Watch for selling opportunities after retracement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5967  

R2: 1.5994

R3: 1.6038

Support levels:

S1: 1.5880

S2 : 1.5853

S3: 1.5810

Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.