Overview:
Since our last analysis the EUR/NZD pair has been trading in downward moves like we expected, it broke level 1.5950 and our down view was confirmed. If you take a look at a volume around area 1.6050 you can see that we got lack of demand. I calculated the total volume of previous two up legs and I got that first up leg got 12,000 of total volume and that second up leg got 8,500 of total volume which is decreasing of 29%. I also marked climatic bar (large volume up bar), where I wanted to show you decrease in volume on up swings which are good sign that we may see down. I did calculation for previous up swing and I saw decreasing of 54% which is strong sign for lack of demand. Buying of this pair looks very risky so I advise you to watch for selling opportunities.
Daily pivot Fibonacci points:
Resistance levels:
R1 : 1.6025
R2 : 1.6046
R3 : 1.6080
Support levels:
S1 : 1.5957
S2 : 1.5936
S3 : 1.5902
Trading recommendation: Be careful with short-term buying and look for selling opportunities. My recommendation for down target is 1.5840.
