InstaForex - Analytics


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    Elliott wave analysis of EUR/NZD for May 2 - 2016 2016-05-02


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    Wave summary:

    The very slow start of what we expect is a new major rally to above 1.6833 and much higher is still developing in a slow motion way. That said, we are currently looking for minor support at 1.6231 to protect the downside for a break above minor resistance at 1.6433 and, more importantly, resistance at 1.6592 to confirm the next rally to resistance at 1.6833 and above.

    Only a break below minor support at 1.6231 will yet again delay the expected recovery.

    Trading recommendation:

    We are long in EUR from 1.6365 and lift our stop to 1.6225. If you are not long in EUR yet, then buy a break above 1.6433 and use the same stop at 1.6225.

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