InstaForex - Analytics


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Elliott wave analysis of EUR/NZD for August 10 - 2015


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Technical summary:

We have changed our short-term count slightly as the latest price action has not been consistent with the our previous count. A new count shows that a wave (iv) triangle is unfolding and one more rally higher to 1.7277 should be seen before a larger correction will be unfolding.

In the short term, we expected support to be found at 1.6577 for the break above 1.6826 confirming the rally higher to 1.6995 and 1.7277.

Trading recommendation:

Our stop at 1.6550 was hit. But we are looking to re-buy EUR upon at 1.6580 or upon a break above 1.6826

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