Elliott wave analysis of EUR/NZD for April 18, 2018

analytics5ad6c06998130.png

We expect the wave iv/ peaked at 1.6892 and wave v/ lower towards 1.6620 now is developing. However, we need to the peak at 1.6892 caps the upside for a break below minor support at 1.6830 and more importantly below support at 1.6786. A break below the later confirms that wave v/ lower towards 1.6620 is developing.

The peak at 1.6892 needs to cap the upside under this count.

R3: 1.6919

R2: 1.6892

R1: 1.6873

Pivot: 1.6830

S1: 1.6815

S2: 1.6786

S3: 1.6765

Trading recommendation:

We sold EUR at 1.6845 with stop placed at 1.6915.

The material has been provided by InstaForex Company - www.instaforex.com