For Traders

Analytical Reviews

Wave analysis

11.08.201505:53 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for August 11 - 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 continue to look for a break above the triangle resistance line near 1.6790 for a rally higher towards 1.6995 and ideally higher to 1.7277 before the first impulsive rally from 138.60 is over and a larger correction should be expected.

Minor support is now found at 1.6596 and will ideally protect the downside for the break above 1.6790 and more importantly above resistance at 1.6826 confirming the move higher to 1.6995 and beyond.

Trading recommendation:

We missed our entry at 1.6580 and will now wait for a break above 1.6826 to buy EUR and place stop at 1.6590

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.