FX.co ★ EUR/NZD analysis for May 01, 2015

Overview:

Recently, EUR/NZD has been trading upwards. As we had expected, the price tested the level of 1.4848 in a high volume. The short-term trend is bullish. Be careful when selling at this stage and watch for potential buying opportunities after a bearish correction. Our objective points are at the levels of 1.4385, 1.4490, and 1.4525. According to Fibonacci expansion, the next bullish objective point is at the price of 1.5000 (Fibonacci expansion 161.8%). According to the daily time frame, we can observe demand in an ultra high volume, which is a sign that selling looks risky. According to the H4 time frame, we can observe demand in a volume below the average due the bank holiday.

Fibonacci Pivot Points:

Resistance levels:

R1: 1.4770

R2: 1.4825

R3: 1.4910

Support levels:

S1: 1.4600

S2: 1.4545

S3: 1.4455

Trading recommendations: Be careful when selling EUR/NZD and watch for potential buying opportunities after a retracement.