empty
 
 
14.01.2016 09:21 AM
Elliott wave analysis of EUR/NZD for January 14, 2016

This image is no longer relevant

Wave summary:

We have seen the expected rally back to and just above a former high of 1.6841, we still need a firm close above this high to confirm the next rally higher to 1.7205 and even 1.7641 as a close at an 8-hourly basis above 1.6841 will call for an upside acceleration in wave [iii] of iii of 3. This is normally the part of the trend, where the trend is the strongest and becomes almost vertical in its move higher.

In the short term, we will ideally see minor support at 1.6646 protecting the downside, but as we are in the early parts of wave [iii] higher, we must accept a deeper corrective decline towards 1.6515 before the next strong rally higher.

Trading recommendation:

We are long EUR from 1.5810 and will move our stop higher to 1.6350. If you are not long EUR yet, then buy near 1.6515 if possible or upon a break above 1.6829 and use the same stop at 1.6350.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback