Elliott wave analysis of EUR/NZD for May 20 – 2016
May 20, 2016 6:40 am
Wave summary:
EUR/NZD, as has been the case for EUR/JPY, failed to rally after the break above minor resistance at 1.6675. This has prolonged the corrective decline from 1.6931, but as long as important short-term support at 1.6479 is able to protect the downside, the upside will remain in focus.
To ease the current corrective downside pressure, a break above minor resistance at 1.6625 and, more importantly, a break above resistance at 1.6704 is needed. A break above the latter will call for a return to the 1.6931 high and higher to 1.7237 and above.
Trading recommendation:
Our stop at 1.6535 was hit for a small loss, but we will re-buy EUR upon a break above 1.6625 and place stop at 1.6475 expecting to be able to raise it soon.
The material has been provided by InstaForex Company – www.instaforex.com
Wave summary:
EUR/NZD, as has been the case for EUR/JPY, failed to rally after the break above minor resistance at 1.6675. This has prolonged the corrective decline from 1.6931, but as long as important short-term support at 1.6479 is able to protect the downside, the upside will remain in focus.
To ease the current corrective downside pressure, a break above minor resistance at 1.6625 and, more importantly, a break above resistance at 1.6704 is needed. A break above the latter will call for a return to the 1.6931 high and higher to 1.7237 and above.
Trading recommendation:
Our stop at 1.6535 was hit for a small loss, but we will re-buy EUR upon a break above 1.6625 and place stop at 1.6475 expecting to be able to raise it soon.
The material has been provided by InstaForex Company – www.instaforex.com
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