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Expert In



Elliott wave analysis of EUR/NZD for May 23, 2016


Wave summary:

The break below 1.6479 has invalidate the previous count. The new count has moved red wave [i] up to 1.6931 and the ongoing correction is red wave [ii], which is expected to terminate in the support area between 1.6353 - 1.6411 from where a new impulsive rally to above 1.6931 is foreseen.

Short-term minor resistance is seen at 1.6548 with back up resistance at 1.6614.

Trading recommendation:

We will buy EUR at 1.6420 with stop placed at 1.6195

The material has been provided by InstaForex Company -