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Thread: Technical analysis of EUR/NZD By Instaforex

  1. #31
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    Default Elliott wave analysis of EUR/NZD for January 21 - 2015 By Instaforex

    Technical summary:
    The rally of the 1.4788 low has been nice and strong, but we have to keep in mind, that this rally is only a part of the red wave iv correction and once this correction is over a new decline to new all time lows is expected. Looking at red wave ii, it was simple zig-zag correcting most of red wave i, which means that red wave iv should be shallow and only correct a minor part of red wave iii. We have already seen the 23.6% corrective target at 1.5112 and it looks like a continuation higher towards the 38.2% corrective target at 1.5312 could be seen, but we should not become stubborn if prices begin to turn lower.

    Trading recommendation:
    We are long EUR from 1.4855 and will move our stop higher to 1.5000 and place our take profit + revers at 1.5145
    Technical analysis of EUR/NZD By Instaforex-2015-01-21-eurnzd-8h-png

  2. #32
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    Default Elliott wave analysis of EUR/NZD for January 22 - 2015 By Instaforex

    Technical summary:
    The rally from the 1.4787 has extended more than expected. Now, the pair is heading for the 50% corrective target at 1.5475. We expect this resistance to protect the upside for a break below minor support at 1.5325 and more importantly below support at 1.5267 that would call for a decline to 1.5065 and lower. The risk is that support at 1.5065 will be able to protect the downside for a rally to above 1.5475 confirming that an important bottom was found already at 1.4787.

    Trading recommendation:
    We took profit and reversed our long EUR position from 1.4855 to a short EUR position at 1.5145 for yet another nice profit. We have placed our stop at 1.5500 (forced by the strong rally higher to towards 1.5475). We will try to move the stop lower as quickly as possible.
    Technical analysis of EUR/NZD By Instaforex-2015-01-22-eurnzd-8h-png

  3. #33
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    Default Elliott wave analysis of EUR/NZD for January 23 - 2015 By Instaforex

    Technical summary:
    A high was found at 1.5437 just below the 50% corrective target at 1.5475. Now, we are ready for a test of important short-term support at 1.5064. A break below this support will confirm more downside towards 1.4881 and ideally lower to 1.4730 to end the decline from 1.6207. After a minor correction towards 1.5176, we expect support at 1.5064 to be challenged and a break below here will call for a continuation lower towards 1.4881 and ideally lower to 1.4730 to end this decline. Only a break above 1.5205 will be of concern, but it will take a break above 1.5330 to invalidate the bearish count.

    Trading recommendation:
    We are short EUR from 1.5145 and will lower tops to 1.5210 and place take profit at 1.4900.
    Technical analysis of EUR/NZD By Instaforex-2015-01-23-eurnzd-8h-png

  4. #34
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    Default Elliott wave analysis of EUR/NZD for February 2 - 2015 By Instaforex

    Technical summary:
    We knew that we were getting close to a long-term low and expected to see one final low just below 1.4787, but this new low was never seen, as wave (v) of [C] ended as a fifth wave failed at 1.4888. We are now looking for a new impulsive rally towards 1.6446 as the first major upside target. In the short-term, a minor correction to 1.5410 is expected before the next rally higher and a break above minor resistance at 1.5600 will be the first good indication that the correction is over, while a break above resistance at 1.5686 confirms the rally higher towards 1.6446. Only a break below 1.5133 will force us to review our bullish count.

    Trading recommendation:
    We will buy EUR at 1.5425 with stop placed at 1.5325 or we will buy EUR upon a break above 1.5686 with stop placed at 1.5490 (one order done cancels the other).
    Technical analysis of EUR/NZD By Instaforex-1422857515_2015-02-02-eurnzd-4h-png

  5. #35
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    Technical summary:
    We have seen the expected test of minor resistance at 1.5210 (the high was seen at 1.5209). We will now look for the final decline closer to support at 1.5000 before the correction from 1.5821 finally is over and a new impulsive rally can be expected. The short-term resistance at 1.5209 will protect the upside from a break below minor support at 1.5078, thus confirming the final decline towards 1.5000. It will also set the stage for a new impulsive rally high. Only an unexpected rally past 1.5209 will indicate that a bottom could already be in place.

    Trading recommendation:
    We will buy the euro near 1.5000 or upon a break above 1.5210.
    Technical analysis of EUR/NZD By Instaforex-2015-02-19-eurnzd-4h-png

  6. #36
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    Technical summary:
    No change is seen here. We are still looking for the final decline to 1.5000 as long as resistance at 1.5209 protects the upside. However, once the 1.5000 target has been tested or upon an early break above resistance at 1.5209 a new impulsive rally should be expected for a rally higher towards 1.5821 and above. Our bullish count will only be invalidate, if a break below support at 1.4888 is seen.

    Trading recommendation:
    We will buy EUR at 1.5025 or upon a break above 1.5210.
    Technical analysis of EUR/NZD By Instaforex-2015-02-20-eurnzd-4h-png

  7. #37
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    Technical summary:
    With the break above the resistance line from 1.5821, now we have two strong signals that the correction in wave (ii) is over and wave (iii) higher towards 1.6456 is unfolding. All we need now is a break above minor resistance at 1.5209 to confirm it. We saw a firm bottom at 1.4945 and a new impulsive rally higher to 1.5821 on the way higher towards 1.6456 is developing. In the short term, only a break below 1.5023 will be a cause for concern.

    Trading recommendations:
    We are long EUR from 1.5025 and will raise our stop to 1.5020. If you are long long EUR yet, the buy a break above 1.5209 with the same stop at 1.5020.
    Technical analysis of EUR/NZD By Instaforex-2015-02-24-eurnzd-4h-png

  8. #38
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    Technical summary:
    We are back at the low from mid-January. Looking at the monthly chart, we can see that strong support is found near 1.4700. We also have a big doji candle in January indicating a possible bottom being in place or at least nearby. However, to confirm a bottoming being in place, we need a five wave rally and even better a break above 1.5231. As long as minor resistance at 1.5026 protects the upside, the trend remains lower towards 1.4700.

    Trading recommendation:
    We are neutral, but will buy EUR at 1.4725 with a stop at 1.4675.
    Technical analysis of EUR/NZD By Instaforex-2015-02-27-eurnzd-d-png

  9. #39
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    Technical summary:
    With a new all-time low, we are getting close to the long-term support line, which currently is seen near 1.4700. We expect this long-term support line will protect the downside, but to confirm a change in the trend a minor five-wave rally is needed and this has not been seen yet. In the short term, we expect minor resistance at 1.4898 which will protect the upside for the final decline close to 1.4700 to end the decline from 1.7274 and set the stage for a new impulsive rally in wave C higher.

    Trading recommendations:
    We are looking for a buying opportunity at 1.4725 with stop placed at 1.4675.
    Technical analysis of EUR/NZD By Instaforex-2015-03-02-eurnzd-4h-png

  10. #40
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    Technical summary:
    We are still waiting for the last decline to a long-term support around 1.4700 from 1.7274 to end and set a stage for a multi-month rally. We ideally will see the 1.4819 upside protection for the expected decline closer to 1.4700 in the short term. That says any break below 1.4763 is going to fulfill all requirements for the decline from 1.5821 as a five-wave decline may be counted and we should be looking for a long-term low.

    Trading recommendation:
    We will buy EUR at 1.4725 or upon a break above 1.4925 (one order done cancels the other)
    Technical analysis of EUR/NZD By Instaforex-2015-03-04-eurnzd-4h-png

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