For Traders

Analytical Reviews

Wave analysis

16.04.201409:53 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for April 16, 2014

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.

Today's Support and Resistance levels:

R3: 1.6232

R2: 1.6180

R1: 1.6135

Current spot: 1.6087

S1: 1.6058

S2: 1.5998

S3: 1.5926

Technical summary:

The triangle consolidation is still unfolding. We think that we are about to finish the c wave of the triangle near 1.6135 and that a new decline close to 1.5900 should follow in wave d and then the final wave e higher towards 1.6013 and maybe even closer to 1.6095, before this triangle finally comes to an end. Once the triangle is over, we should see a thrust towards the downside for a decline towards 1.5543 to end the very complex correction that has been unfolding since August 2013.

Trading recommendation:

Sell EUR at 1.6130 with a stop and reverse at 1.6185.

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.