FX.co ★ EUR/NZD: Analysis for September 12, 2013

Overview:

Since our last analysis the EUR/NZD pair has been trading downwards, the price tested the level of 1.6300 (FE 261.8 %), like we expected. We are still waiting for an upward movement and testing the level of 1.7360. The current situation in (4H) timeframe is that we have got downward move on decreasing volumes. That is a sign that we may see further upwards movement. In the daily chart we can observe no supply bar on volume below the average. This is a sign that we may expect EUR recovery and a test of the level of 1.7360 (FE 61.8 %). Since we are in the uptrend, according to the daily chart, I advise you to watch for buying opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6500

R2: 1.6521

R3: 1.6557

Support levels:

S1: 1.6428

S2: 1.6407

S3: 1.6371

Trading recommendation: Be careful with selling and look for buying opportunities. I recommend 1.7360 as the second short-term target.