Elliott wave analysis of EUR/NZD for April 19, 2017
April 19, 2017 6:21 am
Wave summary:
We are looking for confirmation that the correction in wave ii has completed. As long as the resistance line near 1.5305 and more importantly as long as resistance at 1.5347 is able to cap the upside, we could still see a move closer to 1.4990 before wave ii completes and a new impulsive rally in wave iii takes over for a strong rally above 1.5486 towards 1.5764 as the next upside target.
R3: 1.5347
R2: 1.5265
R1: 1.5255
Pivot: 1.5225
S1: 1.5169
S2: 1.5122
S3: 1.5055
Trading recommendation:
We will buy EUR at 1.5005 or upon a break above 1.5347
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
We are looking for confirmation that the correction in wave ii has completed. As long as the resistance line near 1.5305 and more importantly as long as resistance at 1.5347 is able to cap the upside, we could still see a move closer to 1.4990 before wave ii completes and a new impulsive rally in wave iii takes over for a strong rally above 1.5486 towards 1.5764 as the next upside target.
R3: 1.5347
R2: 1.5265
R1: 1.5255
Pivot: 1.5225
S1: 1.5169
S2: 1.5122
S3: 1.5055
Trading recommendation:
We will buy EUR at 1.5005 or upon a break above 1.5347
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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