For Traders

Analytical Reviews

Technical analysis

04.08.201500:10 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for August 6, 2015

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.

Technical summary:

We saw a new test of resistance at 1.6826, but no breakthrough is observed yet. Only a break above the resistance at 1.6826 will release the upside pressure and call for a continuation towards 141.06 and 144.03.

As long as the resistance at 1.6826 is able to protect the upside, we shall remain locked inside a range between 1.6554 and 1.6826, with risk of a larger range between 1.6374 and 1.6826.

Trading recommendation:

We are long EUR from 1.6603 with stop at 1.6550. If you are not long yet, wait for a breakout above 1.6826 before buying EUR.

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.