InstaForex - Analytics

    InstaForex

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    Elliott wave analysis of EUR/NZD for March 29 - 2016 2016-03-29

    analytics56f9fde55f07f.png

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    Wave summary:

    We are getting nowhere. It looks like more sideways trading in the 1.6346 - 1.6730 range is needed before renewed upside pressure can be expected for a break above minor resistance at 1.6730 and, more importantly, a break above resistance at 1.6833 for a rally towards 1.8551.

    It will take an unexpected break below 1.6086 to invalidate the bullish outlook.

    Trading recommendation:

    Stay sidelined for now and only buy EUR upon a break above 1.6730.


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