empty
 
 
03.07.2012 01:52 PM
AUD/USD Wave Analysis for July 3, 2012

This image is no longer relevant

This image is no longer relevant

Overview:

Recently, EUR/NZD is moving downwards. As we had expected, the price tested the level of 1.6580 in a volume above the average. In the daily time frame, we can observe a weak upward bar in a volume just above the average and there is also an inside-bar formation at the level of 16677 (held successful) and a low (support) at 1.6340. Watch for a potential breakout of inside-bar support or resistance. Also, we got strong rejection from our demand trendline (support) around the level of 1.6390. Strong support is seen at the level of 1.6610. The short-term trend is neutral, but the mid-term trend is still bullish. I am still waiting for larger liquidity and stronger price actions to confirm the further direction.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6780

R2: 1.6835

R3: 1.6925

Support levels:

S1: 1.6600

S2: 1.6550

S3: 1.6460

Trading recommendations: Buying EUR/NZD at this stage looks risky, since we have a fake breakout on the background.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $3000 more!
    In September we raffle $3000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback