EUR/NZD analysis for April 29, 2014

2014-04-29 13:04:41 – Best Cash Back Forex Rebates : EUR/NZD analysis for April 29, 2014
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Overview:

Since our previous
analysis, the EUR/NZD pair has been trading upwards, the price tested and
rejected from the level of 1.6280 on volume above the average. We can observe
that our Fibonacci expansion level 100% at the price of 1.6244 held
successfully, so buying at this stage looks risky. There is an also previous
swing low zone (1.6240), which is another good resistance zone. As we already
wrote in the previous analysis, EUR/NZD is in short- and mid-term bearish
trend, so watch for selling opportunities after retracement. According to the
4H timeframe chart, we can observe that strong supply has entered the market at
at the price of 1.6260, which is a good sign for the further bearish movement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6247

R2: 1.6282

R3: 1.6339

Support levels:

S1: 1.6134

S2 : 1.6099

S3: 1.6043

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

The material has been provided by InstaForex Company – www.instaforex.com

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