InstaForex - Analytics


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    Elliott wave analysis of EUR/NZD for July 29 - 2015


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    Technical summary:

    The flat correction in wave 2 continues to unfold just as expected. We are currently looking for one final decline to just below 1.6325 to terminate wave 2 and set the stage for wave 3 higher. A break above minor resistance at 1.6602 will be the first indication that wave 2 is over and wave higher is developing.

    Even if support at 1.6325 gets substantially broken, the downside potential should be limited to 1.6115.

    Trading recommendation:

    We will buy EUR at 1.6335 or upon a break above 1.6602 with our stop placed at 1.6300.

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