FX.co ★ EUR/NZD : analysis for April 06, 2015

Overview:

In our last analysis, EUR/NZD was trading downwards. The price has tested the level of 1.4426 in a volume below average. We face very low volatility (due to bank holidays) today, so be careful when trading. Anyway, I found upward channel according to the 4H time frame, and we can observe testing of lower diagonal (support). We are awaiting for a clear direction for better possibilities. The short term trend is bullish, so buying positions are preferable. First resistance level is around 1.4475.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.4491

R2: 1.4511

R3: 1.4544

Support levels:

S1: 1.4425

S2: 1.4406

S3: 1.4374

Trading recommendations: The short term trend is bullish, so be careful when selling EUR/NZD at this stage.