empty
 
 
29.08.2016 07:36 AM
Elliott wave analysis of EUR/NZD for August 29, 2016

This image is no longer relevant

Wave summary:

Friday's weird price-action pushed prices lower to 1.5283 before a recovery was seen. We are currently looking for a break above minor resistance at 1.5545 and more importantly for a break above resistance at 1.5642, confirming the next impulsive rally towards 1.6428 and possibly even higher to 1.7193.

Short term, we expected minor support at 1.5283 and more importantly support at 1.5187 will protect the downside for the break above 1.5545.

Trading recommendation:

We are long EUR from 1.5370 with stop placed at 1.5180. If you are not long yet, then buy a break above 1.5545 and place stop at 1.5275.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback