FX.co ★ EUR/NZD: analysis for January 14, 2016

Overview:

Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.7020 in an volume above the average. In the daily time frame, the price has broken 100 SMA and resistance at the level of 1.6760. In the H1 time frame, I found that the price has broken the bullish flag pattern. Selling EUR/NZD at this stage looks risky. Watch for potential buying opportunities on dips. The next upward station is seen around the level of 1.7330 (Fibonacci expansion 161.8%),

Fibonacci Pivot Points:

Resistance levels:

R1: 1.6720

R2: 1.6790

R3: 1.6905

Support levels:

S1: 1.6485

S2: 1.6415

S3: 1.6295

Trading recommendations: The short-term trend is still upward. So, watch for potential buying opportunities on dips.