Elliott wave analysis of EUR/NZD for April 28, 2014
April 28, 2014 8:20 am
Today’s Support and Resistance levels:
R3: 1.6232
R2: 1.6180
R1: 1.6141
Current spot: 1.6122
S1: 1.6104
S2: 1.6083
S3: 1.6055
Technical summary:
After a complex wave c, which became a double zig-zig combination we are currently in wave d of the triangle. This d wave should be more simple as it is normal for one of the waves within a traingle to be complex and it is normally wave c, which also was the case here. We are looking for wave d lower towards 1.5912 as the ideal target, before wave e takes over for the final rally towards 1.6030.
Trading recommendation:
Stay short from 1.6049 and keep you stop and revers at 1.6185. If you are not short in EUR yet, then sell near 1.6140 or upon a break below 1.6097 with the same stop and revers at 1.6185.
The material has been provided by InstaForex Company – www.instaforex.com
Today’s Support and Resistance levels:
R3: 1.6232
R2: 1.6180
R1: 1.6141
Current spot: 1.6122
S1: 1.6104
S2: 1.6083
S3: 1.6055
Technical summary:
After a complex wave c, which became a double zig-zig combination we are currently in wave d of the triangle. This d wave should be more simple as it is normal for one of the waves within a traingle to be complex and it is normally wave c, which also was the case here. We are looking for wave d lower towards 1.5912 as the ideal target, before wave e takes over for the final rally towards 1.6030.
Trading recommendation:
Stay short from 1.6049 and keep you stop and revers at 1.6185. If you are not short in EUR yet, then sell near 1.6140 or upon a break below 1.6097 with the same stop and revers at 1.6185.
The material has been provided by InstaForex Company – www.instaforex.com
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