Elliott wave analysis of EUR/NZD for August 20 – 2015
August 20, 2015 7:30 am
Technical summary:
We are still looking for a minor corrective rally to 1.6930 as long as minor support at 1.6732 protects the downside. From 1.6930 a new decline through 1.6732 should be seen for a decline to 1.6035 and maybe even lower to 1.5864.
We have seen a nice five-wave rally from 1.3860 to 1.7103. We are about to correct this rally with the first target being wave (iv) at 1.6035, but a deeper corrective decline to wave iv at 1.5864 can not be ruled out.
Trading recommendation:
We are looking for a EUR selling opportunity at 1.6920 or upon a break below 1.6732. Stop will be placed at 1.7110 but is expected to be moved lower quickly.
The material has been provided by InstaForex Company – www.instaforex.com
Technical summary:
We are still looking for a minor corrective rally to 1.6930 as long as minor support at 1.6732 protects the downside. From 1.6930 a new decline through 1.6732 should be seen for a decline to 1.6035 and maybe even lower to 1.5864.
We have seen a nice five-wave rally from 1.3860 to 1.7103. We are about to correct this rally with the first target being wave (iv) at 1.6035, but a deeper corrective decline to wave iv at 1.5864 can not be ruled out.
Trading recommendation:
We are looking for a EUR selling opportunity at 1.6920 or upon a break below 1.6732. Stop will be placed at 1.7110 but is expected to be moved lower quickly.
The material has been provided by InstaForex Company – www.instaforex.com
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