Elliott Wave Analysis of EUR/NZD for April 5 - 2016

Elliott Wave Analysis of EUR/NZD for April 5 - 2016

5 April 2016, 10:35
Roberto Jacobs
0
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Elliott Wave Analysis of EUR/NZD for April 5 - 2016


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Wave summary:

It finally looks as this cross is beginning to accelerate. In the short term, we expect that minor support at 1.6682 will be able to protect the downside for a continuation higher to minor resistance at 1.6874 and above here it will confirm a continuation higher to 1.7220 on the way towards our long-term target at 1.8550.

If minor support at 1.6682 is broken, then back-up support is seen just below at 1.6624.

Trading recommendation:

We are long from 1.6250 and will move our stop higher to 1.6600. If you are not long yet, then buy near 1.6682 and use the same stop at 1.6600.


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


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