FX.co ★ EUR/NZD: analysis for August 31, 2015

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7533. In the daily time frame, we can observe a supply bar in a volume below the average. The trend is neutral. Our Fibonacci expansion 61.8% at the level of 1.7325 held successfully. Anyway, we saw weakness in the 1H time frame (up-thrust bar and no demand bar). Buying still looks risky, since we got strong weakness on the background. Watch only for selling opportunities after retracement. I also spoted downward channel and the price testing uppwer diagonal (resistance). Support is seen around the level of 1.7275. We need to see changing in trend behavior from neutral to downward and then we can watch for selling opportunities.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7445

R2: 1.7500

R3: 1.7580

Support levels:

S1: 1.7280

S2: 1.7230

S3: 1.7145

Trading recommendations: Watch only for selling opportunities after retracement.