FX.co ★ EUR/NZD analysis for May 05, 2015

Overview:

Recently, EUR/NZD has been trading downward. As we had expected, the price tested the level of 1.4720 in a volume below the average (finished bearish correction). The short-term trend is bullish. Be careful when selling EUR/NZD around the price of 1.4720. According to Fibonacci expansion, the next bullish objective point is at the price of 1.5000 (Fibonacci expansion 161.8%). According to the daily time frame, we can observe supply in a very low volume. I have placed Fibonacci retracement to find potential support levels. I got Fibonacci retracement 38.2% at the price of 1.4620, Fibonacci retracement 50% at the price of 1.4535 and Fibonacci expansion 61.8% at the price of 1.4450.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.4870

R2: 1.4905

R3: 1.4960

Support levels:

S1: 1.4760

S2: 1.4730

S3: 1.4670

Trading recommendations: Be careful when selling EUR/NZD and watch for potential buying opportunities after a retracement.