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Elliott wave analysis of EUR/NZD for April 19, 2017

Posted On 19 Apr 2017
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Wave summary:

We are looking for confirmation that the correction in wave ii has completed. As long as the resistance line near 1.5305 and more importantly as long as resistance at 1.5347 is able to cap the upside, we could still see a move closer to 1.4990 before wave ii completes and a new impulsive rally in wave iii takes over for a strong rally above 1.5486 towards 1.5764 as the next upside target.

R3: 1.5347

R2: 1.5265

R1: 1.5255

Pivot: 1.5225

S1: 1.5169

S2: 1.5122

S3: 1.5055

Trading recommendation:

We will buy EUR at 1.5005 or upon a break above 1.5347

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

Source:: Elliott wave analysis of EUR/NZD for April 19, 2017

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