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Thread: Technical analysis of EUR/NZD By Instaforex

  1. #1
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    Default Technical analysis of EUR/NZD By Instaforex

    Overview:
    Since our last analysis, EUR/NZD has been trading downwards. As we expected, the price has tested the level of 1.5650 (Fibonacci retracement 38.2% is broken) in an ultra high volume (selling climax), which is a sign that buying looks very risky. It is still unsafe to buy anything, so watch for potential selling opportunities after retracement. Since the price has broken the level of 1.5710 in a higher volume, we may see potential testing the level of 1.5595. According to the 4H time frame, we can observe sideways market, which is a sign that buying looks risky. Watch for potential selling opportunities.

    Trading recommendations: Buying Gold looks risky since the price has broken the support level.
    Technical analysis of EUR/NZD By Instaforex-goldh401-png

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    Default Technical analysis of EUR/NZD By Instaforex

    Technical summary:
    We are still looking for confirmation, that the underlying uptrend has been resumed for a rally towards 1.6203 and the way higher to 1.6450 as the next major upside targets. In the short term, we will ideally see support at 1.5818 to protect the downside for the break above 1.5949 confirming the resumption of the uptrend. However, a break below 1.5818 will call for a final decline in the correction from the 1.5949 high, to just below 1.5772 to end the correction.

    Trading recommendation: We are long in EUR from 1.5550 and will keep our stop at 1.5750. If you are not long in EUR yet, then buy close to 1.5818 with the same stop at 1.5750.
    Technical analysis of EUR/NZD By Instaforex-2014-09-18-eurnzd-8h-png

  3. #3
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    Default EUR/NZD analysis for October 27, 2014 By Instaforex

    Overview:
    In our last analysis, EUR/NZD has been trading downwards. The price tested the level of 1.6086 in an ultra high volume below average. Our Fibonacci retracement 38.2% at the price of 1,6090 is on the test so be careful when selling EUR/NZD at this stage. According to the 1H time frame, we may see potential end of the bearish corrective phase (abcd). We also got Fibonacci expansion 61.8% at the price of 1,6090. Be careful when selling EUR/NZD since we may see futher upward movement. Anyway, I have placed Fibonacci retracement to find potential support levels and I got Fibonacci retracement 38.2% at the price of 1.6090 (currently on the test) and Fibonacci retracement 61.8% at the price of 1.6015. Watch for potential buying opportunities after retracement.

    Trading recommendations: Be careful when selling the EUR/NZD pair since our Fibonacci retracement 38.2% is on the test
    Technical analysis of EUR/NZD By Instaforex-eurnzdh127-png

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    Default Elliott wave analysis of EUR/NZD for November 13 - 2014 By Instaforex

    Technical summary:
    The diagonal support-line should be tested soon. We will be looking for support near 1.5717, which ideally will protect the downside for a break above minor resistance at 1.5796 and more importantly a break above resistance at 1.5853, which will be the first good indication that wave 4 is over and wave 5 higher towards 1.6446 and ideally closer to 1.6800 is unfolding. Even if support at 1.5717 is broken, it will take a break below important support at 1.5526 to invalidate the diagonal count.

    Trading recommendation: We will buy EUR at 1.5720 with a stop at 1.5520.
    Technical analysis of EUR/NZD By Instaforex-2014-11-13-eurnzd-8h-png

  5. #5
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    Default Elliott wave analysis of EUR/NZD for November 14 - 2014 By Instaforex

    Technical summary:
    We have seen a temporary low at 1.5724, but the rally of this low, does look corrective. We expect one final low closer to 1.5705 to be seen before wave 4 is over and wave 5 higher towards 1.6446 and 1.6800 will take over. In the short term, a break below support at 1.5808 and more importantly a break below support at 1.5758 will confirm that final decline towards 1.5705.

    Trading recommendation:
    We will buy EUR at 1.5720 with a stop at 1.5520.
    Technical analysis of EUR/NZD By Instaforex-2014-11-14-eurnzd-8h-png

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    Default Elliott wave analysis of EUR/NZD for November 18 - 2014 By Instaforex

    Technical summary:
    Wave 4 dipped a little lower than the ideal 1.5705 target, with the low coming in at 1.5680. We will now be looking for a rally past minor resistance at 1.5792 and more importantly a break above resistance at 1.5877 confirming the wave 4 bottom and that wave 5 higher to 1.6446 and 1.6800 is developing to end the expanding diagonal. Short term, only a break below 1.5680 will invalidate the expected rally higher and call for a move closer to 1.5640.

    Trading recommendation:
    We bought EUR at 1.5720 and will move our stop higher to 1.5620. If you are not long in EUR yet, then buy near 1.5720 with the same stop at 1.5620
    Technical analysis of EUR/NZD By Instaforex-2014-11-18-eurnzd-8h-png

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    Default Elliott wave analysis of EUR/NZD for November 19 - 2014 By Instaforex

    Technical summary:
    The rally of the 1.5680 low is clearly impulsive in character as we expected. This means wave iv ended at 1.5680 and wave v higher to 1.6446 on the way towards 1.6800 is developing. The rally of the 1.5680 will likely move sideways for the next couple of hours before the final rally closer to 1.6009 to end the first impulsive rally. From close to 1.6008, we will be looking for a correction towards 1.5882 and possibly even lower to 1.5839 before the next strong rally higher.

    Trading recommendation:
    We are long in EUR from 1.5720 and will move our stop higher to 1.5910 and place our take profit at 1.6000.
    Technical analysis of EUR/NZD By Instaforex-2014-11-19-eurnzd-8h-png

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    Default Elliott wave analysis of EUR/NZD for November 20 - 2014 By Instaforex

    Technical summary:
    We have seen a top for blue wave i slightly above our expected target at 1.6003 (the high has been seen at 1.6041). We will now be looking for a correction in blue wave ii towards at least 1.5903, where blue wave ii will have corrected 38.2% of blue wave i, but we will have to remember, that corrections in the second wave can be very deep and are allowed to correct 100% of the first wave, so we will await a more clear picture of the path this correction will take before deciding where to buy EUR again.

    Trading recommendation:
    ​Our take profit at 1.6000 has been hit for a nice profit. We will await a better EUR-buying opportunity closer to 1.5903.
    Technical analysis of EUR/NZD By Instaforex-2014-11-20-eurnzd-8h-png

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    Default Elliott wave analysis of EUR/NZD for November 24 - 2014 By Instaforex

    Technical summary:
    The decline to a new low at 1.5643, does not really fit the picture, but we still think that wave iv of the expanded diagonal either has ended or will end with a slight new low just below 1.5643 for a rally towards 1.6446 on the way higher to 1.6800. Short term, we should expect resistance near 1.5785 for one final decline to 1.5643 or just below before a new strong rally higher.

    Trading recommendation: We will buy EUR at 1.5655 with a stop at 1.5520.
    Technical analysis of EUR/NZD By Instaforex-2014-11-24-eurnzd-8h-png

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    Default Elliott wave analysis of EUR/NZD for November 25 - 2014 By Instaforex

    Technical summary:
    Quite unpredictable moves are still going on. The rally from the 1.5644 low has been very strong, but we think that a top is close at hand and a correction towards at least 1.5849 and possibly even lower to 1.5805 soon will be seen. Once this correction is over, we should see a new powerful rally higher towards 1.6273 as the next strong resistance level that needs to be conquered to confirm the rally towards 1.6446 and higher towards 1.6800.

    Trading recommendation: We will be looking for a buying opportunity next to 1.5805
    Technical analysis of EUR/NZD By Instaforex-2014-11-25-eurnzd-8h-png

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