09.12.201516:55 Forex Analysis & Reviews: EUR/NZD : analysis for December 09, 2015

Long-term review

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Overview:

Recently, EUR/NZD has been moving upwards. As I had expected, the price tested the level of 1.6571 in a high volume. According to the H1 time frame, we can observe strong resistance cluster at the level of 1.6570 (currently on the test). I placed Fibonacci expansion to find potential profit targets. First profit target has been reached at 1.6480 (Fibonacci expansion 61.8%) and second is at 1.6745 (Fibonacci expansion 100%.) is still in the play. Watch for RBNZ decision today and then act according to price action. Watch for potential buying opportunities on dips.The short-term trend has changed from downward to upward.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6445

R2: 1.6490

R3: 1.6550

Support levels:

S1: 1.6315

S2: 1.6275

S3: 1.6210

Trading recommendations : Buying EUR/NZD at this stage looks very risky since the price testing major resistance cluster. Watch for potential buying opportunities after potential breakout of our resistance.

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