Elliott wave analysis of EUR/NZD for May 13 – 2016
May 13, 2016 6:30 am
Wave summary:
We continue to see higher highs and higher lows indicating that an uptrend is building (no surprise in that), but we lack upside acceleration, which we think is because a series of wave one’s and two’s is building and if this is the case, then a series of wave three’s will be like a firework when it finally takes off in a real manner.
In the short term, we are looking for support at 1.6610 to keep protecting the downside for a break above minor resistance at 1.6761 opening up the upside for a possible acceleration towards 1.7273 and higher.
Trading recommendation:
We are long in EUR from 1.6315 with stop placed at 1.6600. If you are not long in EUR yet, then buy a break above 1.6761 and use the same stop at 1.6600.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
We continue to see higher highs and higher lows indicating that an uptrend is building (no surprise in that), but we lack upside acceleration, which we think is because a series of wave one’s and two’s is building and if this is the case, then a series of wave three’s will be like a firework when it finally takes off in a real manner.
In the short term, we are looking for support at 1.6610 to keep protecting the downside for a break above minor resistance at 1.6761 opening up the upside for a possible acceleration towards 1.7273 and higher.
Trading recommendation:
We are long in EUR from 1.6315 with stop placed at 1.6600. If you are not long in EUR yet, then buy a break above 1.6761 and use the same stop at 1.6600.
The material has been provided by InstaForex Company – www.instaforex.com
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