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Daily technical analysis of EUR/NZD By INSTAFOREX

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  #81  
Old 07-01-2016, 10:37
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
We have now seen a clear break above an important resistance at 1.6220, which has opened up the upside for a rally to 1.6583 and 1.6736 as next upside targets.
Support is now found in the 1.6197-1.6220 area, which ideally will protect the downside for a continuation towards 1.6445 and 1.6583. In the longer term, we are looking for much higher levels and ultimately a break above 1.9114.

Trading recommendation:
We are long EUR from 1.5810 and will move our stop higher to 1.6050. If you are not long EUR yet, then buy near 1.6220 and use the same stop at 1.6050.




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  #82  
Old 13-01-2016, 00:29
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Overview:
Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6505 in an average volume. In the daily time frame, I found rejection from our SMA100 and SMA150 at the price of 1.6770. In the H4 time frame, I found that supply came in today. Besides, the price is above SMA50, SMA100, and SMA200. Selling EUR/NZD at this stage looks risky. Watch for potential buying opportunities. I placed Fibonacci expansion to find a potential end of downward correction and got Fibonacci expansion 61.8% at the price of 1.6515. The resistance level is at the price of 1.6835.

Trading recommendations:
The short-term trend is still upward. So, watch for potential buying opportunities on the dips.




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  #83  
Old 13-01-2016, 23:45
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
The correction from 1.6841 is likely to be over with the test of 1.6370. We will now be looking for a break above 1.6714 and of course more importantly a break above 1.6841 confirming upside acceleration towards 1.7205 and likely even higher to 1.7641.
In the longer term, we continue to look for much higher levels and ultimately a break above 1.9114 for a continuation higher to 1.9844.

Trading recommendation:
We are long EUR from 1.5810 with our stop placed at 1.6235. If you are not long EUR yet, then buy a break above 1.6647 and place your stop at 1.6360.




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  #84  
Old 14-01-2016, 17:04
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Overview:
Recently, EUR/NZD has been moving upwards. As I expected, the price tested the level of 1.7020 in an volume above the average. In the daily time frame, the price has broken 100 SMA and resistance at the level of 1.6760. In the H1 time frame, I found that the price has broken the bullish flag pattern. Selling EUR/NZD at this stage looks risky. Watch for potential buying opportunities on dips. The next upward station is seen around the level of 1.7330 (Fibonacci expansion 161.8%),

Trading recommendations:
The short-term trend is still upward. So, watch for potential buying opportunities on dips




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  #85  
Old 15-01-2016, 17:41
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
With a firm breakout above the base-channel resistance-line and more importantly above resistance at 1.6841, we have been given the next "GO" for the upside acceleration towards 1.7205 and 1.7643 on the way higher to strong resistance of 1.8021. The strong resistance still should be broken sooner or later for a continuation higher through 1.9114 towards 1.9844.
Short-term support at 1.6749 is expected to protect the downside for the next impulsive rally higher.

Trading recommendation:
We are long EUR from 1.5810 with our stop placed at 1.6350. If you are not long EUR already, then buy near 1.6749 and use the same stop at 1.6350 expecting to move higher soon.




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  #86  
Old 19-01-2016, 21:23
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
We are still looking for even more upside acceleration here. In the short term, a breakout above minor resistance at 1.7060 will call for the next impulsive rally higher towards 1.7300. Ideally, a breakout above the red channel resistance line will confirm the expected acceleration higher towards 1.7641 and 1.8021.
Support is now found at 1.6800 and more importantly at 1.6700.

Trading recommendation:
We are long EUR from 1.5810 with stop placed at 1.6640. If you are not long EUR yet, then buy near 1.6800 or upon a breakout above 1.7060 and use the same stop at 1.6640, but get ready to move it higher soon.




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  #87  
Old 20-01-2016, 22:25
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
The correction moved deeper than we had expected hitting 1.6637 as a low. The decline to 1.6637 did not change anything and we are still looking for an upside acceleration towards 1.7641 and 1.8020 as the next major upside targets.
In the short term, we will be looking for a minor correction lower to 1.7070 and possibly even lower to 1.6970 before the next rally higher to 1.7641.

Trading recommendation:
Our stop at 1.6640 was unfortunately hit, but for a massive profit. However, we want to buy EUR again at 1.7085 or upon a breakout above 1.7210. We will start by placing our stop at 1.6635 expecting it to move higher soon.




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  #88  
Old 22-01-2016, 12:38
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
Hints made by ECB president Draghi that further easing could be necessary made the EUR tumble in late afternoon. The important support level of 1.6637 was broken indicating a different pattern unfolding. An expanded flat is unfolding as red wave ii. If this is correct, then we are likely to see a move slightly lower to 1.6480 before the next rally above 1.6785 confirming a new rally to 1.7273 and above towards 1.7646 should be seen. Only a direct breakout above 1.6785 indicates that the expanded flat correction has already terminated and the impulsive rally towards 1.7646 is unfolding.

Trading recommendation:
Our stop at 1.6635 was hit for a loss. We will re-buy EUR at 1.6485 with stop placed at 1.6365 or we will buy EUR upon a direct breakout above 1.6785




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  #89  
Old 25-01-2016, 21:59
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
A quick rally back into the triangle consolidation was a strong indication that wave [iii] had ended and wave [iv] back to the top of wave four of one lessor degree was unfolding. The top of this wave four comes in at the level of 129.08 which is very close to the 38.2% corrective target of wave [iii] at 129.06, so with a cluster of corrective target in the area of 129.06 - 129.08 we will be looking for a top here and renewed downside pressure in wave [v] towards 123.85.

Trading recommendation:
Our stop at 127.90 was hit for a nice profit. Sell EUR again at 129.00 with stop placed at 130.80.




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  #90  
Old 27-01-2016, 23:28
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
We are still looking for upside acceleration soon. A direct breakout above 1.6706 indicated that red wave ii ended a little earlier than expected and that red wave iii higher towards at least 1.7641 is already developing.
We will continue to look for a breakout above minor resistance at 1.6896 and more importantly a breakout above resistance at 1.7010 that will confirm that red wave ii is indeed over and red wave iii higher is unfolding.
It will take an unexpected breakout below support at 1.6505 to invalidate this count.

Trading recommendation:
We are long EUR from 1.6706 with stop placed at 1.6505. If you are not long EUR yet, then buy near 1.6625 or upon a breakout above 1.6896 and use the same stop at 1.6505.




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  #91  
Old 29-01-2016, 18:51
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
We can see an upward staircase, but this might be because this cross is accumulating energy for the extended red wave iii higher towards 176.41 and higher towards 1.8020.
In the short term, we expect minor support at 1.6715 and more importantly support at 1.6603 to protect the downside for a breakout above 1.7010 and more importantly a breakout above 1.7273 providing upside acceleration to 1.7641 and 1.8020. Only a breakout below support at 1.6603 will delay the expected rally higher.

Trading recommendation:
We are long EUR from 1.6706 with stop placed at 1.6600. If you are not long EUR yet, then buy on the breakout above 1.7010 and place your stop at 1.6600 too.




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  #92  
Old 02-02-2016, 16:47
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
A breakout below minor support at 1.6603 is a little disappointing, but it does not alter our long-term call for an upside acceleration towards 1.7271 and 1.7641 as the next upside targets. However, in the short term a little more downside pressure can not be excluded as long as minor resistance at 1.6836 is able to protect the upside. Once this minor resistance gets broken, the way higher should be open for a rally towards 1.7271 and higher to 1.7641.

Trading recommendation:
Our stop at 1.6600 was hit for a small loss. We will only buy on a breakout above 1.6836.




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  #93  
Old 03-02-2016, 17:56
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
EUR/NZD has taken a position from where a strong rally through 1.7007 and more importantly a breakout above 1.7271 can be seen anytime now. But this scenario needs support at 1.6564 to protect the downside for a breakout above minor resistance at 1.6917 and then at 1.7007.
The breakout below 1.6564 will be yet another disappointment which delays the expected rally higher closer to 1.6487 and maybe even closer to 1.6370 before higher again.

Trading recommendation:
We are long EUR from 1.6837 and have placed our stop at 1.6537. If you are not long EUR yet, then buy near 1.6640 or upon a breakout above 1.6780 and use the same stop at 1.6537.




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  #94  
Old 04-02-2016, 08:21
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
A corrective decline from 1.7271 continues to grind slowly lower and a breakout below support at 1.6564 calls for a corrective move closer to 1.6370 and possibly even slightly lower to 1.6300 before this correction is over and the next impulsive rally takes place.
Only a direct breakout above resistance at 1.6681 will indicate that the correction has already completed and the next impulsive rally higher is developing towards 1.7271 and higher.

Trading recommendation:
Our stop was hit for a loss. We will be looking for a EUR-buying opportunity near 1.6370.




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  #95  
Old 09-02-2016, 12:24
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
A breakout above the minor channel resistance line indicated that the correction from 1.7273 had ended early at 1.6473. With a breakout above the minor resistance line and a breakout above resistance at 1.7008, we should see a continuation higher to 1.7273 en route to 1.7611 and higher to 1.8022 as the next upside targets.
Support is now seen at 1.6842, which will ideally protect the downside for a rally towards 1.7273 and higher.

Trading recommendation:
We are long EUR from 1.6705 and will move our stop higher to break-even. If you are not long EUR yet, then buy near 1.6850 and use the same stop at 1.6705.




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  #96  
Old 10-02-2016, 23:48
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
With a breakout above 1.7008 the stage is set for an upside acceleration towards 1.7273 and higher to 1.8020 as the next upside targets.
In the short term, we see support at 1.6966 and strong support at 1.6825 that will ideally protect the downside for a test and breakout above the resistance level of 1.7273. A breakout above the latter should provide acceleration higher to 1.8020.

Trading recommendation:
We are long EUR from 1.6705 with stop at a break-even. If you are not long EUR yet, buy near 1.6825 and use the same stop at 1.6705




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  #97  
Old 12-02-2016, 15:17
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
With a breakout above 1.7008 the stage is set for an upside acceleration towards 1.7273 and higher to 1.8020 as the next upside targets.
In the short term, we see support at 1.6966 and strong support at 1.6825 that will ideally protect the downside for a test and breakout above the resistance level of 1.7273. A breakout above the latter should provide acceleration higher to 1.8020.

Trading recommendation:
We are long EUR from 1.6705 with stop at a break-even. If you are not long EUR yet, buy near 1.6825 and use the same stop at 1.6705





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  #98  
Old 16-02-2016, 20:35
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
We still expect a break above resistance at 1.7042 and, more importantly, above 1.7273 which will result in acceleration towards 1.8020.
As long as no clear break above 1.7042 is seen, we must accept the possibility of more consolidation in the 1.6835-1.7042 area.
On a longer term basis, acceleration of upward movement is expected.

Trading recommendation:
We are looking for a buying opportunity upon a break above 1.7042 for acceleration towards 1.7273 and higher




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  #99  
Old 24-02-2016, 23:17
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Overview :
Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6682 in a high volume. In the daily time frame, we can observe a bullish correction. Anyway, the level of 1.6640 may be a good level for selling since we got there corrective Fibonacci expansion 161.8% and support cluster, which became solid resistance. Be careful when buying EUR/NZD at this stage and watch for potential selling opportunities. Next downward target is seen at the level of 1.6180 ( sub-major Fibonacci expansion 161.8%) and at the level of 1.5990 (major Fibonacci expansion 161.8%).

Trading recommendation: watch for potential selling opportunities on rallies.




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  #100  
Old 25-02-2016, 12:55
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
We have not yet seen a breakout above resistance at 1.6680 which is needed to confirm that a bottom is in place for wave [ii] and the extended rally higher to 1.8731 is unfolding. However, yesterdays correction completed at 1.6456 and a new run is expected together with a firm breakout above the resistance of 1.6680. This will be the first strong indication that wave [iii] higher is developing. To confirm that wave [iii] is unfolding, a breakout above 1.6893 is needed.
As long as resistance at 1.6680 is able to protect the upside, the risk of an even more complex wave [ii] presents, but this view is not our preferred one.

Trading recommendation:
We bought EUR at 1.6550. We will place our stop at 1.6335. We will move our stop higher soon.




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  #101  
Old 26-02-2016, 13:22
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
It is very disappointing to see this cross making a new corrective low. The breakout below the former low of 1.6338 has just made this correction even more complex and calls for a move closer to 1.6108 before the next possible bottom.
Short-term minor resistance is seen at 1.6454, which is likely to protect the upside for a move closer to 1.6108. Only a breakout above important short-term resistance at 1.6688 will confirm that a low is in place and a new impulsive rally is developing.

Trading recommendation:
This correction keeps throwing the worst curve balls at us and we will stand aside for a while.




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  #102  
Old 02-03-2016, 15:52
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Wave summary:
We continue to look for a confirmation that wave [ii] is over and wave [iii] higher towards 1.8629 is unfolding. Ideally we will see the low at 1.6236 protect the downside for a break above minor resistance at 1.6513 and more importantly a break above resistance at 1.6637 that would confirm wave [iii] higher is developing.
If minor resistance at 1.6513 is able to protect the upside for a break below 1.6236 a move slightly lower to 1.6111 would be expected, but at no point can a break below 1.5794 be accepted.

Trading recommendation:
We will buy EUR upon a break above 1.6513 with stop placed at 1.6230.




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  #103  
Old 03-03-2016, 15:14
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Wave summary:
This cross again did, what it has done many times lately. It stages the first minor signal that the correction in wave [ii] was over and then took a new dive to new lows, this is pretty confusing. The break to a new low, does call for a move closer to 1.6110 before the next rally above minor resistance at 1.6475 and more importantly a break above 1.6637 confirming that wave [iii] higher finally is developing.

Trading recommendation:
We will buy EUR at 1.6125 or upon a break above 1.6475. If our buy-order at 1.6125 is filled our stop will be placed at 1.5790.




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  #104  
Old 08-03-2016, 13:41
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Wave summary:
The pair is currently testing the resistance line from a high of 1.7222 near 1.6304. A clear breakout above this resistance line will be the first firm indication that wave [ii] has been completed with the test of 1.6085 and wave [iii] higher to 1.8551 is developing. To confirm that wave [iii] is unfolding, a breakout above resistance at 1.6633 will be needed.

Trading recommendation:
We are long EUR from 1.6125 and will move our stop higher to 1.6075. If you are not long EUR yet, then buy on a breakout above 1.6330 and use the same stop.




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  #105  
Old 11-03-2016, 20:06
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Wave summary:
A price swing were quite volatile yesterday, but nothing has changed in the general picture. Wave [ii] terminated at 1.6086 and wave [iii] higher towards 1.8551 is now developing.
Short-term support is found near 1.6589, which will ideally protect the downside for a breakout above minor resistance at 1.6768 and more importantly above the resistance line of 1.6845 confirming the next rally higher to 1.7220 on its way higher to 1.8551.

Trading recommendation:
The wild swings hit our stop at 1.6250 for a nice profit yesterday. We are looking for an opportunity to re-buy EUR at 1.6595 or upon a breakout above 1.6768 (one order done cancels the other).




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  #106  
Old 16-03-2016, 01:19
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Wave summary:
The support area between 1.6445 - 1.6521 held perfect for a new rally. In the short term, I will be looking for a break above 1.6703 as the first good indication that the next impulsive rally is building for a rally towards 1.7220 and above. To confirm the rally towards 1.7220 a break above 1.6845 will be needed, but we do not think it will take a lot of effort to break this resistance.

Trading recommendation:
We are long EUR from 1.6595 and will move stop higher to 1.6460. If you are not long EUR yet buy a break above 1.6845 and use the same stop, but expect to raise it quickly.




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  #107  
Old 17-03-2016, 18:23
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Wave summary:
We have moved closer to important support at 1.6470 which should protect the downside for a new rally above 1.6715 and, more importantly, above resistance at 1.6874 confirming a rally towards 1.7220 and higher.
A break below 1.6470 will not invalidate the bullish bias, but merely delay the expected upside rally. Only a break below important support at 1.6197 will invalidate the bullish outlook.

Trading recommendation:
We are long in EUR from 1.6595 with a stop placed at 1.6460. If you are not long in EUR yet, then buy near 1.6470 and use the same stop at 1.6460 or buy a break above minor resistance at 1.6874




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  #108  
Old 18-03-2016, 17:39
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Wave summary:
Overnight a spike to a low of 1.6435 has been seen. This likely marks the end of a small wave two correction and a minor wave three higher is about to take off. The first indication that a rally higher is about to develop is a break above 1.6635 and this new rally will be confirmed upon a break above 1.6874 for a continuation to 1.7220 and above.

Trading recommendation:
Our stop at 1.6460 was hit. We will re-buy EUR upon a break above 1.6635 with stop placed at 1.6430.




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  #109  
Old 23-03-2016, 00:21
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Overview:
Recently, EUR/NZD has been moving sideways around the price of 1.6600. At the H4 time frame, I found a defined trading range between the price of 1.6475 (support) and the price of 1.6865 (resistance). Support level at the price of 1.6475 is successfully held. According to the daily time frame, I found weak demand, which is a sign of a potential downward movement. Anyway, wait for a successful breakout of trading range to confirm further direction.

Trading recommendation for today:
Sideways market, watch for a potential breakout of trading to confirm further direction.




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  #110  
Old 25-03-2016, 07:07
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Overview:
Recently, EUR/NZD has been moving sideways around the price of 1.6700. At the H4 time frame, the price is still trading in a defined trading range between the price of 1.6475 (support) and the price of 1.6865 (resistance). Since the current strength on the market, I expect testing of the resistance level at the price of 1.6865. Anyway, wait for a successful breakout of the trading range to confirm further direction. According to the daily time frame, we can observe the sideways market and low volatility.

Trading recommendation for today:
There is bullish pressure according to intraday time frames. But still the market is sideways in the short-term prospective. Watch for a breakout of trading range to confirm further direction.




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  #111  
Old 29-03-2016, 11:49
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Wave summary:
We are getting nowhere. It looks like more sideways trading in the 1.6346 - 1.6730 range is needed before renewed upside pressure can be expected for a break above minor resistance at 1.6730 and, more importantly, a break above resistance at 1.6833 for a rally towards 1.8551.
It will take an unexpected break below 1.6086 to invalidate the bullish outlook.

Trading recommendation:
Stay sidelined for now and only buy EUR upon a break above 1.6730.




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  #112  
Old 31-03-2016, 00:11
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
Stepping back a little to get the perspective right, we are convinced that we have seen an important low at 1.5784 (wave 2 low) and that a wave 3 rally is unfolding. However, we have not yet seen the expected acceleration higher in wave 3 that we normally expect, so is our count incorrect?
We think our wave count remains correct as long as the important support at 1.6085 stays unbroken. In the short term, we are looking for support near 1.6210 for a new rally above the important resistance at 1.6730 which is expected to release a lot of energy finally providing the upside acceleration towards 1.8551 which we have been looking for.

Trading recommendation:
We will only buy EUR at 1.6250 or upon a break above 1.6730 (one order cancels the other).




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  #113  
Old 01-04-2016, 12:36
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Wave summary:
It should be just a matter of time before minor resistance at 1.6508 is taken out. This will be the first good indication that a low is in place for the next impulsive move higher. To confirm that a low was seen at 1.6229, a break above 1.6725 will be needed, but once this resistance is cleared, we do think that the upside acceleration we have been waiting for will finally take place for a rally to 1.7220 and higher to 1.8551.
Short term minor support is now found at 1.6373 and again at 1.6331.

Trading recommendation:
We are long in EUR from 1.6250 and will move our stop higher to 1.6325. If you are not long in EUR yet, then buy a break above 1.6508.




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  #114  
Old 06-04-2016, 16:08
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Wave summary:
We are still looking for support near 1.6640 to protect the downside for a rally above 1.6833 confirming upside acceleration towards 1.7220 on the way higher to 1.8550.
Even if minor support at 1.6640 should be broken, back-up support is seen near 1.6578. It will take an unexpected break below support at 1.6430 to question this rally.

Trading recommendation:
We are long in EUR from 1.6250 with stop placed at 1.6600. If you are not long in EUR yet, then buy near 1.6640 or upon a break above 1.6800 and use the same stop at 1.6600.




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  #115  
Old 08-04-2016, 01:46
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
We are still waiting for some real upside acceleration, but to signal the beginning of this upside acceleration, a break above resistance at 1.6800 and, more importantly, a break above 1.6874 is needed to call for a rally to 1.7220 on the way higher towards 1.8550.
Support is seen at 1.6624 and is expected to continue to protect the downside for a break above 1.6800.
Should support at 1.6624 be broken, back-up support is seen at 1.6585.

Trading recommendation:
We are long in EUR from 1.6250 with stop placed at 1.6600. If you are not long in EUR yet, then buy near 1.6624 or upon a break above 1.6800 and use the same stop at 1.6600.




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  #116  
Old 08-04-2016, 11:20
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
We continue to look for upside acceleration and expect this will be seen once resistance at 1.6874 is overcome. In the longer term, we are looking for a strong rally in wave [iii] higher towards 1.8550.
In the short term, support is seen at 1.6605 and again at 1.6550, but ideally support at 1.6605 will be able to protect the downside for the expected break above 1.6874.

Trading recommendation:
We are long in EUR from 1.6250 with stop placed at 1.6600. If you are not long in EUR yet, then buy near 1.6605 or upon a break above 1.6874 and use the same at 1.6600.




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  #117  
Old 13-04-2016, 21:49
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Recently, EUR/NZD has been moving downwards. As I had expected, the price tested the level of 1.6319 in a high volume. EUR/NZD has broken the upward channel. According to the H4 time frame, watch only for selling opportunities on rallies. The second take profit level at the price of 1.6480 has been reached. The third take profit level is set at the price of 1.6265 (swing low). According to the daily time frame, I found that sellers are in control of the market. We can observe supply in a high volume.

Trading recommendation for today: Watch for selling opportunities on rallies.




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  #118  
Old 15-04-2016, 05:01
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
Important support at 1.6229 has protected the downside nicely and the strong rally from the 1.6242 low does indicate that a firm low is in place. That also keeps our long-term count intact calling for a rally to 1.6830 and above here will call for an acceleration much higher.
In the short term, we are now looking for support near 1.6313 for the next rally higher to 1.6625 and 1.6830.

Trading recommendation:
We will buy EUR at 1.6325 with stop placed at 1.6225




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  #119  
Old 19-04-2016, 06:33
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
We continue to look for support at 1.6229 being able to protect the downside for a clear break above 1.6492 that will call for a continuation higher to 1.6830 and above.
Only an unexpected break below 1.6229 and, more importantly, a break below support at 1.6086 will force us to make a recount of the rally since the 1.5784 low.

Trading recommendation:
We are long in EUR from 1.6325 with stop placed at 1.6225. If you are not long in EUR yet, then buy a break above 1.6492 and use the same stop, but expect to move it higher soon.




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  #120  
Old 21-04-2016, 10:56
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
We are looking for a confirmation that a bottom is in place at 1.6062. A break above minor resistance at 1.6266 will be a good start, but to confirm the low, we need a break above resistance at 1.6499. If that break is seen, then the bottom at 1.6062 should be safe and a rally in wave [iii] of iii towards at least 1.8420 should be expected.
Only an unexpected break below support at 1.6062 will keep wave [ii] alive, but the downside potential should be very limited.

Trading recommendation:
We are long in EUR from 1.6105 with stop placed at 1.6055. If you are not long in EUR yet, then buy a break above 1.6266 and place stop at 1.6055 expecting to move it higher soon.




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