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Thread: Technical analysis of EUR/NZD By Instaforex

  1. #61
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    Technical summary:
    The correction in red wave iv moved slightly below the ideal corrective target at 1.4208. Otherwise, the rally of a low of 1.3880 continues to mirror a textbook rally. In the short term, we expect support at 1.4179 to protect the downside for a break above minor resistance at 1.4273 confirming that red wave v higher towards 1.4490 and ideally a little higher to just above resistance at 1.4547. This will mark the first larger impulsive rally of 1.3880 and call for a correction in the entire rally from 1.3880.

    Trading recommendation:
    We are long EUR from 1.4055 and we will move our stop higher to 1.4165 and place take profit at 1.4475. If you are not long EUR yet, the buy EUR near 1.4230 with the same stop at 1.4165 and take profit at 1.4475.
    Technical analysis of EUR/NZD By Instaforex-2015-04-29-eurnzd-4h-png

  2. #62
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    Technical summary:
    Both resistance at 1.4490 and 1.4546 has be taken out and we have to consider the possibility that wave i has already ended at 1.4394 and wave iii is rallying currently. It is likely to move much higher. The minimum target for wave iii is seen at the extension target at, but it does not need to be the top of wave iii. A break above the base-channel resistance line near 1.4640 will indicate that this count is correct.

    Trading recommendation:
    We took a nice big profit at 144.75. Now, we are looking to buy EUR at 1.4350 or upon a break above 1.4640.
    Technical analysis of EUR/NZD By Instaforex-2015-04-30-eurnzd-4h-png

  3. #63
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    Technical summary:
    The break above resistance at 1.4640 has shifted the preferred count to the much more bullish count calling for wave iii higher to at least 1.4983 and possibly even higher. As can be seen, the base channel resistance line has been broken and that argues for acceleration higher in wave iii. Short term support is found at 1.4755 and again at 1.4619.

    Trading recommendation:
    We bought EUR again at 1.4645 and will place our stop at 1.4745. If you are not long EUR yet, the buy near 1.4755 with the same tight stop at 1.4745
    Technical analysis of EUR/NZD By Instaforex-2015-05-01-eurnzd-4h-png

  4. #64
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    Technical summary:
    As we said yesterday, a perfect rally of five wave has been seen from a low of 1.3880 and a correction should be expected. The first target to look for is a low of wave four of one lessor degree, which means wave iv at 1.4725, which also marks the 38.2% corrective target. So, we should expect strong support at 1.4725 and the bottom of wave (ii) is likely to getting ready for a strong rally higher in wave (iii). Yesterday, we took a chance and sold EUR with a small stop. The market hit that stop for a small loss, but after having taken out 3 nice profits since a low of 1.3880, the small loss didn't hurt anything but our pride. However, there is a lesson to be taken away for us. You should never try to pick tops or trade against the trend before a turn in trend is confirmed. Well, we did both things and our pride was bruised a little.

    Trading recommendation:
    We will buy EUR at 1.4735 or upon a break above 1.5185 (one order done cancels the other) If the later target is hit, the stop will be place 10 pips below the most recent low (likely at 1.5009).
    Technical analysis of EUR/NZD By Instaforex-2015-05-08-eurnzd-4h-png

  5. #65
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    Technical summary:
    As we stated yesterday, the most likely pattern for wave (ii) was an expanded flat correction and wave b came closer to the termination. Wave b has terminated at the 138.2% target of wave a and now we should see wave c move to 1.4913 for a decline towards 1.4725. However, an expanded flat correction in wave (ii) already tells us what to expect for wave (iii) when it starts to unfold. After an expanded flat wave two we should always expect an extension in wave three and that means a rally of minimum 161.8% of wave (i) in wave (iii).

    Trading recommendation:
    We will place a EUR sell-order at 1.5265 with a stop at 1.5355.
    Technical analysis of EUR/NZD By Instaforex-2015-05-19-eurnzd-4h-png

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