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Daily technical analysis of EUR/NZD By INSTAFOREX

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  #121  
Old 22-04-2016, 13:25
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
We have seen a nice little rally of the 1.6062 low, but the pair is not out of the woods yet. To confirm that a long-term bottom has been seen, a break above minor resistance at 1.6499 and, more importantly, a break above resistance at 1.6830 will be needed.
That said, a break above minor resistance at 1.6499 will be a very strong indicator of a long-term bottom being in place.
Support is now found at 1.6245 which ideally will protect the downside for a break above minor resistance at 1.6378 for the test of resistance at 1.6499.

Trading recommendation:
We are long in EUR from 1.6105. We will move our stop higher to 1.6130 securing a small profit. If you are not long in EUR yet, then buy near 1.6245 or upon a break above 1.6378 and use the same stop.




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  #122  
Old 26-04-2016, 20:46
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
We are still looking for a break above the important short-term resistance at 1.6499 to confirm that an important low was found at 1.6062. Short-term support is found at 1.6304 which ideally will protect the downside for the break above 1.6499 to confirm much more upside to come in the coming weeks and months.

A break below support at 1.6304 will call for a move slightly lower to 1.6242 before another shot at the 1.6499 resistance should be expected.




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  #123  
Old 28-04-2016, 12:13
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
We finally saw a break above the important short-term resistance at 1.6499 to indicate that an important low was seen at 1.6062 and a new impulsive rally is developing.
In the short term, we continue to look for support near 1.6285 that we expect will protect the downside for a new rally to above 1.6592, for a move closer to 1.6830 and above confirms a continuation towards 1.8420.
Only an unexpected break below 1.6062 will invalidate the bullish outlook.

Trading recommendation:
We are long in EUR from 1.6105 with stop placed at 1.6285. If you are not long in EUR yet, then buy near 1.6300 and place stop at 1.6060.




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  #124  
Old 29-04-2016, 17:30
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave Summary:
The corrective decline in red wave ii became deeper than expected with a low at 1.6196, but it seems to be over. A break above minor resistance at 1.6365 and more importantly a break above resistance at 1.6395 will confirm for a new rally to the 1.6592 higher and above towards 1.6874 and above.
Short-term support is seen at 1.6275, which is expected to protect the downside for a break above 1.6365.

Trading recommendation:
Our stop at 1.6285 was hit for a nice profit. We will buy EUR upon a break above 1.6365 with stop placed at 1.6190.




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  #125  
Old 04-05-2016, 05:31
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
The rally of the 1.6196 low is not yet convincing in any way, but as long as this low is able to protect the downside, we will let the bullish outlook have the benefit of doubt and look for more upside pressure towards 1.6592 and higher towards 1.6874.
In the short term, we must allow for a minor set-back to 1.6314 before a new test of the minor resistance at 1.6465 is expected and above here calls for a test of 1.6592 and higher.
Only an unexpected break below 1.6196 will invalidate the bullish outlook and call for a move closer to 1.6100.

Trading recommendation:
We are long in EUR from 1.6365 with our stop placed at 1.6225. If you are not long in EUR yet, then buy near 1.6314 and use the same stop at 1.6225.




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  #126  
Old 05-05-2016, 22:50
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
We now have a clear break above the red resistance line from 1.7223 confirming that wave [iii] of 3 is developing, so it should only be a question of time before the real upside acceleration is seen. This is the part of the impulsive wave where the prices rally so strongly that it becomes almost vertical.
In the short term, a break above resistance at 1.6874 should kick the prices quickly higher to 1.7223 and above for a continuation higher to 1.8420

Trading recommendation:
We are long in EUR from 1.6365 with stop placed at 1.6415. If you are not long in EUR yet, then buy near 1.6570 or a break above 1.6745 and use the same stop at 1.6415.




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  #127  
Old 10-05-2016, 04:56
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Recently, EUR/NZD has been moving sideways at the price of 1.6680. According to the 30M time frame, I found that strength came in near the level of 1.6650. The bearish wide spread bar in a high volume but closed near the top (sign of strength). My advice is to watch for buying opportunities on the dips. Take profit levels are set at the price of 1.6720 and 1.6760.

Trading recommendation for today:
Be careful when selling EUR/NZD and watch for buying opportunities on the dips.




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  #128  
Old 12-05-2016, 05:49
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6656 in a high volume. According to the 1H time frame, I found a volume spike (selling climax in the background). I was a bearish bar in an ultra high volume but it closed well of the low, which indicates strength. I also found few signs of strength later on, which is a sign that selling looks risky. Watch for buying opportunities on the dips. Take profit level is set at the price of 1.6920.

Trading recommendation for today:
Watch for buying opportunities on the dips.




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  #129  
Old 17-05-2016, 07:14
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
Blue wave ii is becoming more complex that first anticipated, as blue wave ii has turned into a double zig-zag correction. The important short-term support at 1.6479 still needs to protect the downside to keep this count as the preferred count.
In the short term, we are looking for a break above the minor resistance near 1.6685 as a confirmation that blue wave ii is over and blue wave iii higher to 1.7254 is unfolding.
Only a break below the important support at 1.6479 will indicate that the rally from 1.6062 was a leading diagonal 1.6391 before moving higher again.

Trading recommendation:
Our stop at 1.6600 was hit for a nice profit on long positions from 1.6315. We will re-buy EUR at 1.6550 or upon a break above 1.6685 with stop placed at 1.6475.




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  #130  
Old 18-05-2016, 22:26
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
With a low at 1.6538, we are now looking for a break above the minor resistance line near 1.6675 to confirm that the correction from 1.6931 is over and a new impulsive rally towards 1.7254 is developing.
In the short term, we expect that minor support at 1.6586 and, more importantly, support at 1.6538 will protect the downside for a break above 1.6675.

Trading recommendation:
We are long in EUR from 1.6550 with stop placed at 1.6475. If you are not long in EUR yet, then buy a break above 1.6675 and use the same stop at 1.6475.




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  #131  
Old 20-05-2016, 12:02
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
EUR/NZD, as has been the case for EUR/JPY, failed to rally after the break above minor resistance at 1.6675. This has prolonged the corrective decline from 1.6931, but as long as important short-term support at 1.6479 is able to protect the downside, the upside will remain in focus.
To ease the current corrective downside pressure, a break above minor resistance at 1.6625 and, more importantly, a break above resistance at 1.6704 is needed. A break above the latter will call for a return to the 1.6931 high and higher to 1.7237 and above.

Trading recommendation:
Our stop at 1.6535 was hit for a small loss, but we will re-buy EUR upon a break above 1.6625 and place stop at 1.6475 expecting to be able to raise it soon.




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  #132  
Old 24-05-2016, 08:41
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
With a low seen at 1.6434 followed by a strong rally above the resistance-line near 1.6590 red wave [ii] clearly is over and red wave [iii] higher towards 1.6988 and likely even higher to 1.7273 is expected.
Short term, support is now seen at 1.6640 with back-up support seen at 1.6603, but we doubt we will see the later tested again.

Trading recommendation:
We missed our buying target at 1.6420 and will instead buy here at 1.6680 with stop placed at 1.6430.




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  #133  
Old 26-05-2016, 09:24
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
Despite the rally to 1.6715 another decline has been seen to a low of 1.6424 from where a new rally took place. As can be seen from the daily chart below, the correction from 1.6897 has been glued to the former resistance line that now acts as support. Once yesterday's high at 1.6715 is cleared, the upside will be wide open for the next impulsive rally higher to 1.7273 and higher to 1.8420 as the next major target.

Trading recommendation:
Our stop at 1.6430 was hit, but just barely. We will buy EUR again at 1.6545 or upon a break above 1.6715 with stop placed at 1.6425




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  #134  
Old 27-05-2016, 13:05
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
We are still looking for a break above minor resistance at 1.6715 to confirm that a corrective low is in place at 1.6424 and a new impulsive rally to 1.6931 and 1.7223 is developing on the way higher to the 1.8420 target. However, as long as minor resistance at 1.6715 is able to protect the upside, we must allow for more consolidation in the 1.6525 - 1.6715 area before the break finally is seen.

Trading recommendation:
We are long EUR from 1.6545 with stop placed at 1.6420. If you are not long EUR yet, then buy near 1.6525 or upon a break above 1.6715 and use the same stop at 1.6420




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  #135  
Old 01-06-2016, 19:30
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
Once again this pair has failed miserably and broken well below important short-term support at 1.6424 invalidating the short-term bullish count. However, the larger bullish count has not been invalidated yet and it will only be so if support at 1.6104 is broken too.
As we look for the low of red wave ii, we have to remember that it is allowed to correct 100% of red wave i, but it can never ever break below the starting point at 1.6104; otherwise our count will be invalidated.
In the short term, we expect minor support at 1.6196 to be able to protect the downside for a new rally; and the price, to test important resistance at 1.6654 and confirm above it that red wave ii is in place for more upside pressure towards 1.6931 and 1.7220.

Trading recommendation:
Our stop at 1.6423 was hit for a loss. We will re-buy EUR at 1.6210 with a stop at 1.6185




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  #136  
Old 02-06-2016, 22:58
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
Despite all the disappointments, we remain optimistic in regard to this currency pair in the longer term. However, for the short term it looks as more corrective weakness should be seen towards 1.6248 before the corrective decline from 1.6931 is over. From 1.6248 or upon a break above 1.6487, renewed upside pressure is expected for a test of important short-term resistance at 1.6654, and a move above here will confirm that a low is in place for a rally towards 1.6931 and above.
Only an unexpected break below support at 1.6196 will make us very cautious, while a break below 1.6062 will invalidate the bullish view.

Trading recommendation:
Buy EUR at 1.6255 or upon a break above 1.6487 with a stop at 1.6195.




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  #137  
Old 07-06-2016, 20:20
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
We are still waiting for EUR/NZD to decline closer to 1.6169 to terminate the red wave ii and set the stage for a new strong rally higher. Only a direct break above minor resistance at 1.6510 will indicate that the red wave ii will have already terminated at 1.6206 and a new impulsive rally towards 1.6931 and 1.7220 is developing.

Trading recommendation:
We are long EUR from 1.6225 with stop placed at 1.6100 for now, but be ready to move the stop higher soon. If you are not long EUR yet, then buy near 1.6169 and use the same stop at 1.6100.




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  #138  
Old 09-06-2016, 20:31
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
The failure to hold important support at 1.6062 has tilted the picture upside down. Instead of a possible new rally building, consolidation from the 1.5748 low has developed into a triangle consolidation. Besides, a break below support at 1.6062 has completed formation calling for more downside pressure towards 1.5000 over the coming weeks.
In the short term, the triangle support line near 1.6160 will act as resistance.

Trading recommendation:
Our stop at 1.6125 was hit, and we will be looking for the opportunity to open short positions on the EUR near 1.6150




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  #139  
Old 10-06-2016, 08:18
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
The break below important support at 1.6233 and more importantly below support at 1.6062 indicated that the correction from 1.9023 is over and more downside pressure towards 1.5003 is expected, before the next impulsive rally can begin.
Short term, we are looking for resistance near 1.6042 with back-up resistance at 1.6115 to protect the upside for the next part of the decline closer to 1.5693 as the next downside target.

Trading recommendation:
We missed the selling opportunity at 1.6150 and will try to sell at 1.6062 with stop place at 1.6286 expected to move the stop lower soon.




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  #140  
Old 14-06-2016, 17:51
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary
We continue to look for more downside pressure towards 1.5604 as the first minor stop was moved lower. After correction back to the resistance at 1.6085, a new decline closer to 1.4980 should be expected.
The corrective decline from 1.9023 is still unfolding and a break below important support at 1.6104 confirmed that wave C towards 1.4471 is developing.

Trading recommendation:
We are short on the EUR from 1.6010 and will move our stop lower to 1.6090.




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  #141  
Old 16-06-2016, 13:27
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Wave summary:
A break below the long-term support line confirmed a thrust out of the B-wave triangle calling for a decline closer to 1.4471 as the ideal medium target.
In the short term, we are looking for a decline to 1.5604 to end wave i of C and after a correction to 1.6100 in wave ii more downside pressure is expected in wave iii of C towards 1.4698.

Trading recommendation:
We are short in EUR from 1.6010 and will move our stop lower to 1.6025. If you are not short in EUR yet, then sell near 1.6010 and use the same stop at 1.6025.




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  #142  
Old 17-06-2016, 14:42
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Wave summary:
We are still looking for more downside pressure to 1.5604 to end the first impulsive decline in wave C. Once this first impulsive decline is in place, we should expect a minor correction back to 1.6095 before the price goes lower again towards 1.4700 in wave 3 of C. The ideal downside target for wave C is seen at 1.4472, from where a new rally is expected, but for now we should remain focused on the downside movement.

Trading recommendation:
We are short on the EUR from 1.6010 with our stop placed at 1.6025. We will place take profit at 1.5625. If you are not short on the EUR yet, then sell near 1.6010 and use the same stop.




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  #143  
Old 21-06-2016, 22:12
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Wave summary:
We remain focused towards the ideal target at 1.5604 as wave (i) lower. After a correction to 1.6105 renewed downside pressure in wave (iii) is expected towards 1.4702 with the ideal target for wave C seen at 1.4471.
Short term, we expect minor resistance at 1.6015 to protect the upside for a break below minor support at 1.5825 confirming the decline to 1.5604 to finish wave (i).

Trading recommendation:
Stay short for a test of 1.5604 move stop to 1.6050. Take profit at 1.5625. If you are not short EUR yet, then sell near 1.6015 or upon a break below 1.5825 use the same stop and take profit levels.




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  #144  
Old 23-06-2016, 18:09
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Wave summary:
We continue to look for the final spike lower to 1.5604 to complete wave (i). After a relief rally to 1.6040, renewed downside pressure will be expected for the next impulsive decline in wave (iii) towards 1.4702.
The ideal target for wave C is seen at 144.71.

Trading recommendation:
Stay short in EUR and move your stop lower to 1.5875. Keep take profit at 1.5625.




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  #145  
Old 24-06-2016, 16:10
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Wave summary:
We have seen the expected decline to 1.5604 (the low has been seen at 1.5545), which has completed wave (i), and we are now looking for a corrective rally in wave (ii) towards 1.6005 and maybe even closer to 1.6115 before this correction comes to an end. A new impulsive decline in wave (iii) lower towards 1.4702 is expected.

Trading recommendation:
Nice profit taken at 1.5625. We will be looking for new selling opportunities in the 1.6005 - 1.6115 area.




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  #146  
Old 29-06-2016, 20:19
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Wave summary:
We continue to look for a little more correction closer to 1.5895 and maybe even closer to 1.6005 before the next impulsive decline takes over for a drop to 1.4490.
Only a direct break below minor support at 1.5484 will indicate that the correction in wave 2 has completed prematurely and wave 3 lower is already unfolding.

Trading recommendation:
We have placed a sell order at 1.5890 with stop at 1.6035.




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  #147  
Old 30-06-2016, 19:04
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Recently, EUR/NZD has been moving sideways at the price of 1.5600. According to the 30M time frame, I found responsive reaction from sellers at the price of 1.5705, which confirmed a supply trend line. Using market profile I found that price broke yesterday's point of control at 1.5600. I am expecting lower price. The first take profit level is set at the price of 1.5540 and second take profit level is set at the price of 1.5455.

Trading recommendations for today:
Watch for selling opportunities on the pullbacks.




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  #148  
Old 01-07-2016, 19:25
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Wave summary:
Wave (ii) is taking longer than we expected. In the short term, we are looking for a break above minor resistance at 1.5600 confirming another rally closer to 1.5816 to complete a flat correction as wave (ii). From 1.5816, the next impulsive decline lower to 1.4490 is expected.

Trading recommendation:
We will sell EUR at 1.5805 with stop placed at 1.5875.




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  #149  
Old 06-07-2016, 01:42
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Recently,
EUR/NZD has been moving upwards. The price tested the level of 1.5495 in a high volume. The price reached our take profit level from yesterday at 1.5390 (Fibonacci expansion 161.8%) and I saw strong rejection from that point According to the 30M time frame, I found intraday upward trend and successful testing of supply in a low volume. Watch for buying opportunities on the dips. Take profit level is set at the price of 1.5550.

Trading recommendations for today:
Watch for buying opportunities on the dips.




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  #150  
Old 07-07-2016, 19:01
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Wave summary:
We do prefer wave (ii) having finished at 1.5775, but we still need a break below support at 1.5280 to confirm this is the case and confirming the next part of the decline towards 1.4490.
As long as support at 1.5280 remain untouched wave (ii) could develop into an expanded flat correction, which will call for a rally to just above 1.5775 before the next impulsive decline can begin.

Trade recommendation:
We are looking for a selling opportunity and will sell EUR here at 1.5500 with stop placed at 1.5610.




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  #151  
Old 08-07-2016, 10:14
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Wave summary:
With the clear break below 1.5280 the possible expanded flat correction has been invalidated and we will remain focused towards the downside for a continuation lower towards 1.4490.
The next support to look for along the way lower is seen at 1.4920. While short-term resistance is seen near 1.5298 and again at 1.5330.

Trade recommendation:
Stay short from 1.5500 and move your stop to break-even. If you are not short EUR yet, then sell near 1.5330 and use the same stop.




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  #152  
Old 13-07-2016, 08:31
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Wave summary:
There is minor correction. We were looking for a move higher to 1.5336 before turning lower again.
In the short term, we will be looking for minor resistance at 1.5261 to protect the upside for more downside pressure to 1.5070 and below for a continuation lower towards 1.4490 as the ideal downside target.

Trading recommendation:
We are short on the EUR from 1.5500 and will move our stop lower to 1.5350 securing a profit no matter what happens. If you are not short on the EUR yet, then sell at 1.5260 and use the same stop at 1.5350.




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  #153  
Old 14-07-2016, 16:17
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Wave summary:
The strong break above resistance at 1.5336 is of concern, but not yet destoying the possibility of more downside pressure. However, if the minor resistance line near 1.5455 is also broken, then a strong indication of a bottom already being in place has been seen.
We have considered the decline from 1.9023 as corrective all the time, but did expect wave C of 2 to move closer to the equallity target at 1.4470, but a break above the resistance line near 1.5455 will indicate that wave C will fall short of the equallity target and call for more upside towards 1.6931 and higher.

Trading recommendation:
Our stop at 1.5365 was hit for a small profit. We will sell EUR at 1.5450, then will stop and reverse at 1.5475.




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  #154  
Old 19-07-2016, 15:40
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Wave summary:
The impulsive rally of the 1.5072 does not look complete yet and might even extend closer to 1.5914 before completing and setting the stage for a more substantial correction towards 1.5400 which marks the bottom of wave [iv].
The first indication that wave i is complete will be a break below minor support at 1.5639.

Trading recommendation:
Our take-profit at 1.5700 was hit for a nice profit. We will wait for signs of a top or a correction before engaging.




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  #155  
Old 21-07-2016, 16:32
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Wave summary:
The impulsive rally of the 1.5072 low is unfolding nicely. A little move up closer to 1.5941 is expected in wave [v] to complete wave i and set the stage for a correction in wave [ii] towards at least the 38.2% correction of the rally from 1.5072 to 1.5941. At the same time, a corrective decline closer to the 50% corrective target near 1.5506 is more likely as this is also close to the bottom of wave [iv].
Once the correction in wave ii is completed, a new impulsive rally towards at least 1.6912 is expected.

Trading recommendation:
We missed our buying target at 1.5485 so we are going to wait for another opportunity to buy the EUR at 1.5520 with stop placed at 1.5400.




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  #156  
Old 26-07-2016, 13:00
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
The corrective decline in wave ii does not look complete yet, and more downside pressure towards the 50% corrective target at 1.5506 and maybe even lower to the 61.8% corrective target at 1.5404 cannot be ruled out as long as the minor resistance line near 1.5731 is able to protect the upside. Only from 1.5506 or upon a direct break above 1.5731 should a new impulsive rally be expected.

Trading recommendation:
If you went long from 1.5545, then move your stop to the breakeven and take profit at 1.5720. Waiting for a new buying opportunity near 1.5506.




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  #157  
Old 28-07-2016, 20:12
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
The failure to break above the minor resistance-line from 1.5837 has prolonged the corrective decline in wave ii and we need to allow for a move closer to the 61.8% corrective target of wave i at 1.5403 as long as the minor resistance-line currently near 1.5640 is able to protect the upside.
However, from support at 1.5403 or a direct break above the minor resistance-line a nice buying opportunity is expected for a rally towards 1.6738 and possibly even higher.

Trading recommendation:
We are long EUR from 1.5510 and will take profit here at 1.5560. We will re-buy EUR at 1.5415 with a stop at 1.5315 or upon a direct break above 1.5640.




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  #158  
Old 29-07-2016, 18:50
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
The big question here is whether wave ii already completed at 1.5493 or one more decline closer to 1.5404 is needed to complete wave ii and set the stage for the next impulsive rally higher towards 1.6095 and above?
A direct break above minor resistance at 1.5707 will confirm that wave ii is already complete, but until this break is seen, we need to allow for the possibility of one more decline closer to 1.5404 to complete wave ii.

Trading recommendation:
We are long EUR from 1.5640 and will place our stop at 1.5570. If you are not long EUR yet, then wait for a break above 1.5707 or a test of 1.5404 before buying.




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  #159  
Old 03-08-2016, 22:01
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
We are still looking for a break above the minor resistance line near 1.5610 as the first strong indication that the corrective decline from 1.5839 finally has completed and a new impulsive rally higher towards 1.6652 should be expected.The corrective decline from 1.5839 is a strong bullish set-up, but we need the break above the resistance line to really trigger this set-up for the next large rally higher to 1.5839 and above.

Trading recommendation:
We are long EUR from 1.5540 with stop placed at 1.5400. If you are not long EUR yet, then buy a break above the resistance line near 1.5610 and place your stop at 1.5510




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  #160  
Old 04-08-2016, 22:09
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
EUR/NZD once again failed to break above the resistance line from 1.5839 triggering the buy set-up that has been building. We still think that a break above this resistance line near 1.5594 will be broken soon, but we also have to acknowledge that it keeps the risk of one more corrective leg lower towards 1.5365 alive. If a break below 1.5418 is seen, this corrective target should be expected.

Trading recommendation:
We remain long from 1.5540 with stop placed at 1.5400. If you are not long EUR yet, then buy a break above the resistance-line near 1.5594 and use the same stop at 1.5400 expecting to move it higher soon.




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