Elliott wave analysis of EUR/NZD for October 17, 2016
October 17, 2016 9:12 am
EUR/NZD – Daily
EUR/NZD – 4 Hourly
Wave summary:
We are currently seeing the expected corrective decline closer to 1.5245, from where we expect a new impulsive rally above 1.5764 for a continuation towards 1.6395 and above.
As long as minor resistance at 1.5525 is able to cap the upside, we will be looking for a little more downside pressure closer to the ideal corrective target at 1.5245. From a classical technical point of view, we currently see an Inverse S/H/S bottom developing and a break above the neckline resistance at 1.5764 will activate the bottom-formation for a measured rally towards 1.6564.
Trading recommendation:
We are looking for a buying opportunity at 1.5285 or upon a break above 1,5550.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
EUR/NZD – Daily
EUR/NZD – 4 Hourly
Wave summary:
We are currently seeing the expected corrective decline closer to 1.5245, from where we expect a new impulsive rally above 1.5764 for a continuation towards 1.6395 and above.
As long as minor resistance at 1.5525 is able to cap the upside, we will be looking for a little more downside pressure closer to the ideal corrective target at 1.5245. From a classical technical point of view, we currently see an Inverse S/H/S bottom developing and a break above the neckline resistance at 1.5764 will activate the bottom-formation for a measured rally towards 1.6564.
Trading recommendation:
We are looking for a buying opportunity at 1.5285 or upon a break above 1,5550.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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