For Traders

Analytical Reviews

Wave analysis

22.05.201805:16 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for May 22, 2018

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EUR/NZD is now close to completing wave c/ of ii/. The ideal target for wave c/ of ii/ is seen at 1.6922. We have already seen red wave v of c/ test 1.6942, so a bottom is expected anytime now., but as long as minor resistance at 1.6998 is able to cap the upside, we will be looking for a final dip to test the target at 1.6922 before completing wave c/.

If, however resistance at 1.6998 is broken that will be the first strong indication that wave c/ and ii/ has completed, while a break above resistance at 1.7048 will confirm wave ii/ has completed and wave iii/ higher to at least 1.7474 is developing.

R3: 1.7048

R2: 1.6998

R1: 1.6975

Pivot: 1.6960

S1: 1.6941

S2: 1.6922

S3: 1.6881

Trading recommendation:

We will buy EUR at 1.6930 or upon a break above minor resistance at 1.6998.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.