Elliott wave analysis of EUR/NZD for September 16, 2016
September 16, 2016 7:14 am
Wave summary:
We are looking for the final decline within an ending diagonal towards 1.4700 to complete the long-term corrective decline from 1.9023 and set the stage for a new impulsive rally higher.
Short term, minor resistance at 1.5510 is expected to be able to cap the upside for a break below minor support at 1.5217 confirming the expected decline towards 1.4700. Only an unexpected rally above 1.5510 and more importantly above 1.5642 will invalidate the ending diagonal scenario indicating that a long-term low already could be in place.
Trading recommendation:
We missed our sell at 1.5600 and will place a new sell order at 1.5435 with stop placed at 1.5515.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Wave summary:
We are looking for the final decline within an ending diagonal towards 1.4700 to complete the long-term corrective decline from 1.9023 and set the stage for a new impulsive rally higher.
Short term, minor resistance at 1.5510 is expected to be able to cap the upside for a break below minor support at 1.5217 confirming the expected decline towards 1.4700. Only an unexpected rally above 1.5510 and more importantly above 1.5642 will invalidate the ending diagonal scenario indicating that a long-term low already could be in place.
Trading recommendation:
We missed our sell at 1.5600 and will place a new sell order at 1.5435 with stop placed at 1.5515.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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