For Traders

Analytical Reviews

Wave analysis

15.06.201806:21 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for June 15, 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 has made a new low since the 1.7294 peak and this now seriously questions our former count. Yesterday's break to new lows does open the possibility of an alternate count. This count calls for more downside closer to 1.6416 and maybe even a decline to 1.6338 if the former low at 1.6517 is broken.

Only a direct break back above resistance at 1.6703 will ease the downside pressure and more importantly, a break above resistance at 1.6842 will reinstate the bullish outlook, calling for a continuation higher to 1.7294 on the way higher to 1.8437.

R3: 1.6789

R2: 1.6703

R1: 1.6653

Pivot: 1.6617

S1: 1.6566

S2: 1.6517

S3: 1.6459

Trading recommendation:

Our stop at 1.6685 was hit for a loss of 80 pips. We will stay sidelined for now.

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.