InstaForex - Analytics


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    Elliott wave analysis of EUR/NZD for April 4 - 2016 2016-04-04


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    Wave summary:

    We have seen the expected break above minor resistance at 1.6508 indicating that a low was seen at 1.6223. Now we only need a break above resistance at 1.6725 to confirm that wave [iii] of iii is developing. This is normally the strongest of the waves, becoming almost vertical with only small or sub-normal corrections.

    In the short term, we are looking for support near 1.6430 and again at 1.6360.

    Trading recommendation:

    We are long in EUR from 1.6250 with stop placed at 1.6350. If you are not long in EUR yet, then buy near 1.6430 or upon a break above 1.6653 and use the same stop.

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