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Daily technical analysis of EUR/NZD By INSTAFOREX

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  #161  
Old 09-08-2016, 07:34
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
A corrective low was seen at 1.5397 and a new impulsive rally is about to launch. Short term, we will like to see support at 1.5438 to protect the downside for a break above minor resistance at 1.5571 and more importantly above resistance at 1.5646 that will accelerate prices higher towards 1.6166 and above towards 1.6637 as the next upside targets.
Only an unexpected break below 1.5397 will prolong the corrective decline from 1.5839 closer to 1.5296.

Trading recommendation:
We are long EUR from 1.5627 with stop placed at 1.5390. If you are not long EUR yet, then buy upon a break above 1.5571 and place your stop at 1.5430.




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  #162  
Old 11-08-2016, 07:50
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
Despite a rate cut from RBNZ kiwi rallied and our fear of more downside pressure within the corrective channel was confirmed. We have seen a test of the 81.3% corrective target at 1.5185, which should have complete wave ii and start a new impulsive rally to above 1.5839.
However, to confirm that wave ii is complete and wave iii higher is developing, a break above minor resistance at 1.5550 and more importantly above resistance at 1.5646 is needed.

Trading recommendation:
Our stop at 1.5390 was hit. We are still looking for buying opportunities and will buy EUR at 1.5240 or upon a break above 1.5550




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  #163  
Old 12-08-2016, 07:52
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Wave summary:
The move higher from the 1.5187 does look constructive, but we still need a firm break above the resistance-line near 1.5550 to add confidence that wave ii is complete and wave iii higher towards at least 1.6428 is developing.
Short term, we will ideally see minor support at 1.5390 protect the downside for the break above 1.5550 to give the final GO! for the rally higher.

Trading recommendation:
We will buy EUR at 1.5410 or upon a break above 1.5550 with stop placed at 1.5175.




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  #164  
Old 17-08-2016, 16:55
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
The resistance line near 1.5540 is finally being broken, confirming the the corrective low is in place at 1.5187 and the next impulsive rally higher to 1.5840 and above is developing. In the longer term, we are looking for much higher levels closer to 1.6931 and above.
Support at 1.5366 should now be able to protect the downside or else one more decline to just below 1.5187 must be expected.

Trading recommendation:
We are long EUR from 1.5410 and will move our stop higher to 1.5360. If you are not long EUR yet, then buy near 1.5466 or upon a break above 1.5577 and use the same stop at 1.5360.




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  #165  
Old 19-08-2016, 14:35
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
The minor resistance-line from 1.5839 and the resistance-line from 1.6931 has clearly been broken as expected. We are looking for upside acceleration towards 1.6075 and 1.6428 as the first upside targets, but longer term, we expect this new impulsive rally to take us all the way to 1.7273 and above here.
Support is now seen at 1.5448 which ideally will protect the downside for the expected upside acceleration, but if this support is broken back-up support is seen at 1.5366, which needs to protect the downside.

Trading recommendation:
We are long EUR from 1.5410 and will move our stop higher to 1.5440. If you are not long EUR yet, then buy 1.5535 or upon a break above 1.5649 and use the same stop at 1.5440.




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  #166  
Old 24-08-2016, 18:33
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
We remain slightly bullish for a break above minor resistance at 1.5649 soon, but short term, we must allow for a test of support at 1.5366 first, before the next hopefully strong rally will take us clearly above 1.5649 for a continuation towards 1.5839 and above to 1.6428 and 1.7195.
Only a clear break below 1.5366 will be a concern.

Trading recommendation:
We will buy EUR at 1.5370 or upon a break above 1.5649.




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  #167  
Old 26-08-2016, 17:41
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
We are looking for a break above minor resistance at 1.5545 to confirm the onset of the next impulsive rally higher to 1.5839 and above. Short term we do expected minor support at 1.5385 will be able to protect the downside for the expected break above 1.5545.

Trading recommendation:
We are long EUR from 1.5370 with stop placed at 1.5180. If you are not long EUR yet, then buy a break above 1.5545 and place stop at 1.5320.




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  #168  
Old 31-08-2016, 21:00
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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 1.5354 in a high volume. According to the 1H time frame, I found a low volume upper bar and successful rejection from the supply trend line. I did put fractals on the chart and I found a broken down fractal at the price of 1.5379, which is a sign that we may see further downward price. There is another fractal at the price of 1.5354. The potential breakout of 1.5354 will confirm a further downward side. The trend is downward according to multi time frames. So, be careful when buying and watch for potential selling opportunities. A downward target is set at the price of 1.5315.

Trading recommendations for today:
Watch for selling opportunities.




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  #169  
Old 01-09-2016, 20:34
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
Another disappointing performance has been seen. We remain locked between support near 1.5283 and resistance near 1.5416. We continue to favor the upside and a break above minor resistance at 1.5416 for a rally higher towards 1.5649 and 1.5839 on the way higher. That said, we will have to accept that as long as minor resistance at 1.5416 is able to protect the upside, a little more downside pressure could be seen. But at no circumstance should support at 1.5187 be broken.

Trading recommendation:
We are long EUR from 1.5370 with stop placed at 1.5180. If you are not long EUR yet, then only buy a break above 1.5416 and use the same stop at 1.5180.




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  #170  
Old 02-09-2016, 16:17
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
The price action continues to be very discouraging. We continue to look for a firm break above 1.5408 and more importantly for a break above resistance at 1.5520 for confirmation that the ongoing correction finally has completed and a new impulsive rally higher to 1.5900 and 1.6426 is developing.

Trading recommendation:
We are long EUR from 1.5370 with stop placed at 1.5180. If you are not long EUR yet, then buy upon a break above 1.5408 and use the same stop at 1.5180.




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  #171  
Old 08-09-2016, 05:01
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
The break below 1.5187 invalidated our bullish count and we have to go back to the long-term chart to view the options. We still feel confident that a long-term important low was seen at 1.3884 and the upside pressure eventually will get the upper hand. However, for now we need to accept that the correction from 1.9023 is still unfolding and the next possible downside target is seen at 1.4748. Only from this support or upon a 1.5271 should renewed upside pressure be expected.

Trading recommendation:
Our stop at 1.5180 was hit for a loss. We will be looking to buy at 1.4755 or upon a break above resistance at 1.5271.




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  #172  
Old 09-09-2016, 11:40
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Resistance at 1.5283 is expected cap the upside in wave [iv] for a new decline to below 1.4989 for a move closer to the ideal downside target area between 1.4748 - 1.4815. We should be in the final stages of the long term decline from 1.9023, so this is not the time to sell EUR aggressively.
Only a break above resistance at 1.5520 will ease the downside pressure, while a break above 1.5649 will confirm that a long term bottom is in place.

Trading recommendation:
We have placed a EUR buy-order at 1.4755 with stop placed at 1.4695.




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  #173  
Old 13-09-2016, 16:28
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
Wave [iv] looks to be in place at 1.5425 for a decline below 1.5217 confirming more downside towards 1.4989 and 1.4700 to complete the ending diagonal and set the stage for a strong recovery to 1.5839 and above.
Short term, resistance is seen at 1.5346 and again at 1.5425. The latter will ideally protect the upside or an extension towards 1.5520 should be expected.

Trading recommendation:
We are short EUR from 1.5270 and will move stop lower to 1.5430. If you are not short EUR yet, then sell near 1.5346 or upon a break below 1.5217 and use the same stop at 1.5430.




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  #174  
Old 16-09-2016, 16:01
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
We are looking for the final decline within an ending diagonal towards 1.4700 to complete the long-term corrective decline from 1.9023 and set the stage for a new impulsive rally higher.
Short term, minor resistance at 1.5510 is expected to be able to cap the upside for a break below minor support at 1.5217 confirming the expected decline towards 1.4700. Only an unexpected rally above 1.5510 and more importantly above 1.5642 will invalidate the ending diagonal scenario indicating that a long-term low already could be in place.

Trading recommendation:
We missed our sell at 1.5600 and will place a new sell order at 1.5435 with stop placed at 1.5515.




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  #175  
Old 21-09-2016, 09:46
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
We continue to look for the final decline close to 1.4705 to complete the long-term corrective decline from 1.9023. Ideally we will see minor resistance at 1.5330 protect the upside for a clear break below support at 1.5217, confirming the final decline to 1.4705 is developing.
Once the ending diagonal is complete near 1.4705, a new strong rally towards at least 1.5839 is expected.

Trading recommendation:
We sold EUR at 1.5217 with stop + reversal at 1.5340. Only sell a break below 1.5156 and use the same stop at 1.5340.




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  #176  
Old 22-09-2016, 15:32
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
We continue to expect that minor resistance at 1.5330 will be able to act as a cap for renewed downside pressure towards 1.4705. In the short term, a break below minor support at 1.5200 will confirm the next decline closer to 1.4705.
Only an unexpected break above 1.5330 will delay the expected decline for a move closer to 1.5407 before lower again.

Trading recommendation:
We are short EUR from 1.5217 with stop placed at 1.5340 (we have removed our reversal order). If you are not short EUR yet, then sell near 1.5285 with the same stop at 1.5340.




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  #177  
Old 23-09-2016, 19:22
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Wave summary:
The break above 1.5330 has altered the count for wave [iv]. Instead of being complete at 1.5510 wave [iv] is turning into a triangle consolidation and needs a couple of squiggles more to completed the triangle, but once complete a final decline towards 1.4705 should be seen to complete the long-term corrective decline from 1.9023 and set the stage for a strong recovery.
Wave [c] of the triangle consolidation is currently unfolding and should ideally terminate at 1.5446 for wave [d] lower to 1.5211 and then the final wave [e] should make a mini rally to max. 1.5390 and the lower in wave [v] to 1.4705.

Trading recommendation:
Our stop at 1.5335 was hit. We will sell EUR again at 1.55440 with stop + reverse placed at 1.5515.




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  #178  
Old 27-09-2016, 20:24
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
The break above 1.5511 confirmed that the long-term corrective decline from 1.9023 completed with the test of 1.4989, and that a new impulsive rally is developing. On a short-term basis, we expect that support at 1.5288 will act as a floor for the next impulsive rally higher towards 1.5969 and possibly even further to 1.6491.
On a long-term basis, we are looking for a much faster rally that ultimately should take out the 1.9023 high.

Trading recommendation:
We are long EUR from 1.5515 with stop placed at 1.5120. If you are not long EUR yet, then buy near 1.5288 and use the same stop at 1.5120.




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  #179  
Old 30-09-2016, 10:04
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
Only a break above 1.5553 will confirm the next impulsive rally higher to 1.5969 and higher. As long as resistance at 1.5553 is able to act as cap more corrective behavior between 1.5300 and 1.5510 can't be excluded. We even can not exclude a final break below 1.5300 for a move closer to 1.5255 before the correction in wave [ii] finally is complete and wave [iii] towards 1.5969 can take over.

Trading recommendation:
We are long EUR from 1.5515 with stop placed at 1.5120. If you are not long EUR yet, then buy near 1.5255 or upon a break above 1.5553 and use the same stop at 1.5120.




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  #180  
Old 04-10-2016, 11:39
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
Minor resistance at 1.5509 once again capped the upside keeping the sideways consolidation between 1.5298 - 1.5509 alive. We are still looking for a break above minor resistance at 1.5509 as the trigger for the next impulsive rally higher to 1.5969 and likely even higher to 1.6491.
Short term, we must accept the possibility of a spike below support at 1.5298 for a move closer to 1.5254 to complete wave [ii] and set the stage for wave [iii] higher.

Trading recommendation:
We are long EUR from 1.5515 with stop placed at 1.5120. If you are not long EUR yet, then buy near 1.5255 or upon a break above 1.5509 and use the same stop at 1.5120.




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  #181  
Old 07-10-2016, 11:25
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Wave summary:
The failure to break above resistance at 1.5658 has caused a slightly deeper correction closer to support near 1.5481. We expect the support near 1.5481 will be able to act as a floor for the next and likely successful attempt to break above resistance at 1.5658 for the rally to 1.5969 and likely even closer to 1.6491 as the rally gathers upside momentum.

Trading recommendation:
We are long EUR from 1.5515 with stop placed at 1.5260 Upon break above 1.5658 we will raise our stop to break-even. If you are not long EUR yet, then buy a break above 1.5658 and use the same stop at 1.5515.




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  #182  
Old 11-10-2016, 18:55
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Wave summary;
We have finally seen the break above resistance at 1.5668 confirming more upside towards 1.5969 and higher towards 1.6491.
Short term, we would like to see support at 1.5558 which acts as a floor for the next impulsive rally higher to 1.5969. If, however support at 1.5558 fails to protect the downside, we should see a new corrective decline closer to 1.5498 before the next rally higher.

Trading recommendation:
We are long EUR from 1.5515 and we will raise the stop to 1.5550. If you are not long EUR yet, then buy a break above 1.5738 and use the same stop at 1.5550.




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  #183  
Old 14-10-2016, 15:08
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Wave summary:
We have seen the expected corrective move lower towards the ideal target at 1.5245. In the short term we expect resistance near 1.5530 will cap the upside for the next decline closer to 1.5309 and likely closer to 1.5245 before the expanded flat correction in wave (ii) is complete and the next impulsive rally can begin.
Only a direct break above 1.5659 will indicate that the correction has completed prematurely and wave (iii) higher already is unfolding.

Trading recommendation:
We will but EUR at 1.5280 or upon a break above 1.5659.




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  #184  
Old 18-10-2016, 20:52
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Wave summary:
We have just seen the expected test of the 61.8% corrective target and we will now be looking for a break above minor resistance at 1.5438 as the first good indication that a corrective low is in place, while a break above resistance at 1.5549 is needed to confirm that the corrective low in wave (ii) is in place and wave (iii) towards 1.6396 is developing. As long as minor resistance keeps at 1.5438, we need to stay flexible about the downside, as second waves are allowed to correct 100% of the first wave, which in this case means a corrective decline in wave (ii) to 1.4989.

Trading recommendation:
We have bought EUR at 1.5285 and will place our stop at 1.4985. If you are not long EUR yet, then buy near 1.5245 or upon a break above 1.5438 and use the same stop at 1.4985.




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  #185  
Old 20-10-2016, 15:29
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Wave summary:
The corrective decline in wave (ii) finally looks complete with the test of 1.5066. We will be looking for a break above minor resistance at 1.5271 as the first indication that wave (iii) higher finally has taken over for a rally to 1.5764 and higher to 1.6850.
It will take an unexpected break below support at 1.4989 to invalidate the bullish count, but even if such an unexpected break is seen the potential downside should remain limited.

Trading recommendation:
We are long EUR from 1.5285 with stop placed at 1.4985. If you are not long EUR yet, then buy a break above 1.5271 and use the same stop at 1.4985.




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  #186  
Old 21-10-2016, 15:12
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Wave summary:
We are looking for confirmation that the decline in wave (ii) from 1.5746 is complete. The first strong indication this is the case, will be a firm break above 1.5292, while a break above 1.5549 will confirm that wave (ii) has completed and wave (iii) higher towards at least 1.6396 and above is developing.
Longer term, we are looking for a break above resistance at 1.6931 and 1.9023, but first we need to bottom to be confirmed by a break above 1.5764. From a classical technical point of view a possible Inverse S/H/S bottom could be building, with the neckline resistance seen at 1.5764.

Trading recommendation:
We are long EUR from 1.5285 with stop placed at 1.4985. If you are not long EUR yet, then buy a break above 1.5292 and use the same stop at 1.4985.




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  #187  
Old 26-10-2016, 20:52
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Wave summary:
We are still looking for a clear break above minor resistance at 1.5292 to confirm that the correction from 1.5764 completed with the test of 1.5066, and that a new impulsive rally to above 1.5764 is developing.
As long as minor resistance at 1.5292 is able to cap the upside, we might see more consolidation within the 1.5066 - 1.5292 area, but a new impulsive rally will ideally be seen soon for the rally to 1.5764 and above towards 1.6396.

Trading recommendation:
We are long EUR from 1.5285 with stop placed at 1.4985. If you are not long EUR yet, then buy a break above 1.5292 and use the same stop at 1.4985.




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  #188  
Old 28-10-2016, 04:54
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Wave summary:
We have now seen the expected break above short-term important resistance at 1.5292 confirming more upside towards 1.5764 and higher towards 1.6396 longer-term.
The former resistance at 1.5292 should ideally act as a floor for the rally higher to 1.5500 and 1.5764, but even if a break back below 1.5292 is seen, it is expected to be short-lived and stop near 1.5278 for the next rally higher.

Trading recommendation:
We are long EUR from 1.5285 and will move our stop higher to 1.5170. If you are not long EUR yet, then buy near 1.5292 and use the same stop at 1.5170.




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  #189  
Old 01-11-2016, 22:23
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Wave summary:
We continue to look for more upside pressure towards 1.5765 and only a break above here will confirm and call for upside acceleration towards 1.6396 and higher to 1.6931 as the next upside targets.
Short-term, support is seen at 1.5240 and will ideally act as a floor for the rally to and break above important resistance at 1.5765.

Trading recommendation:
We are long EUR from 1.5285 with stop placed at 1.5170. If you are not long EUR yet, then buy a break above 1.5375 and place your stop at 1.5215.




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  #190  
Old 03-11-2016, 20:33
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Wave summary:
The important low of 1.5066 is scary close to being tested. A test will be in order, but at no point can a break below 1.5066 be allowed, as that will invalidate 1.5066 as being the starting point of wave (3). Should a break below 1.5066 be seen (not our preferred outlook), the potential downside should be very limited.
Short term, a break above minor resistance at 1.5266 will be the first good indication that a low is in place for more upside pressure towards 1.5764 and above.

Trading recommendation:
We bought EUR at 1.5145 with stop placed at 1.5060. If you are not long EUR yet, then buy here or upon a break above 1.5266 and use the same stop at 1.5066.




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  #191  
Old 09-11-2016, 18:10
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Wave summary:
The pair spiked lower to 1.4838 only to see the strongest rally since July. This indicates that the bottom we have been looking for is eventually in place. That said, we still need more evidence to confirm that the long-term correction from 1.9023 has completed finally and a new impulsive rally is unfolding. The first strong evidence was the powerful rally off the 1.4838 low. A close above the resistance line from 190.23 near 1.5516 will be the next strong evidence, while a break above resistance at 1.5764 will confirm the low for a new impulsive rally higher to 1.7273 and above.

Trading recommendation:
We bought EUR at 1.5010 and will place our stop at 1.5150 securing a profit no matter what happens. Take profit will be placed at 1.5650.




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  #192  
Old 11-11-2016, 13:38
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Wave summary:
We saw the expected minor correction to 1.4950 (the low was seen at 1.4908). We are now looking for a break above minor resistance at 1.5164 for upside acceleration towards 1.5516 and even higher. This will finally confirm that a long-term scenario is in place with the test of 1.4812 and a new impulsive rally higher to 1.6569 and 1.9023 is expected to unfold. Short-term support is seen at 1.5015, which we expect will protect the downside for the break above 1.5164.

Trading recommendation:
We bought EUR at 1.4950 and will keep our stop at 1.4805 for now. If you are not long EUR, yet, then buy near 1.5015 or upon a break above 1.5164 and use the same stop at 1.4805.




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  #193  
Old 15-11-2016, 19:58
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Wave summary:
Our preferred count remains the same: an ending diagonal completed with the test of 1.4812 and a return to the origin of the ending diagonal at 1.5839 is developing. To confirm that the ending diagonal is complete, the pair should break above the resistance-line near 1.5377.
In the short term, a break above minor resistance at 1.5266 will call for the test of 1.5377 on the way higher.

Trading recommendation:
We are long EUR from 1.4950 with stop placed at 1.4805. If you are not long EUR yet, the buy near 1.5100 or upon a break above 1.5266 and use the same stop at 1.4805.




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  #194  
Old 18-11-2016, 03:06
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Wave summary:
We are once again going nowhere. Our preferred count shows that an ending diagonal completed with the test of 1.4812 and a new impulsive rally now is building, but we need a break above 1.5246 to confirm a strong test of the ending diagonal resistance line near 1.5500 and only above here will confirm a return to the origin of the ending diagonal at 1.5834 and above.
Ideally support at 1.5010 will continue to protect the downside for the break above 1.5246 and more importantly above 1.5500.

Trading recommendation:
We are long EUR from 1.4950 with our stop placed at 1.5000. If you are not long EUR yet, then buy a break above 1.5200 and use the same stop at 1.5000.




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  #195  
Old 18-11-2016, 19:08
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave Summary:
We are going nowhere here. We have consolidated within the 1.5016 - 1.5266 area for the week now. Hopefully, this cross is building up energy to make a break for a firm test and likely breach above the ending diagonal resistance line near 1.5450 that will confirm a return to the origin of the ending diagonal at 1.5838.
That said, we have to be aware that a break below support at 1.5016 will call for more downside pressure to 1.4812 and maybe even slightly below. Nevertheless, we think the downside potential remains limited.

Trading recommendation:
We are long EUR from 1.4950 with stop placed at 1.5000. If you are not long EUR yet, then buy upon a break above 1.5200 and use the same stop at 1.5200.




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  #196  
Old 23-11-2016, 21:51
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary: EUR/NZD continue to work its way lower towards 1.4985. From here or upon a direct break above resistance at 1.5168 a new impulsive rally towards 1.5618 is expected. A firm break above 1.5078 will be the first indication that the corrective decline from 1.5266 is complete and the new impulsive rally is unfolding.

Trading recommendation:
We will buy EUR at 1.5000 or upon a break above 1.5078 with stop placed at 1.4810




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  #197  
Old 24-11-2016, 21:18
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
We have seen the expected test of 1.4985 (the low was seen at 1.4980). We are now looking for a clear break above the minor resistance line near 1.5105 and more importantly a break above resistance at 1.5168. The next strong rally higher to 1.5380 and above will finally confirm that the long-term correction from 1.9023 completed with the test of 1.4812 and a new impulsive rally is building. The next target to look for above 1.5380 is seen at 1.5516 and 1.5764 as the next upside targets.

Trading recommendation:
We have bought EUR at 1.5000, stop is placed at 1.4950. If you are not long EUR yet, then buy a break above 1.5105 and use the same stop at 1.4950.




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  #198  
Old 25-11-2016, 17:50
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
We are still looking for a firm break above the minor resistance line near 1.5090 to confirm the next rally higher to the ending diagonal resistance line near 1.5365 and above here. Such developments will call for a continuation higher to 1.5730 and above. As long as the minor resistance line is able to protect the upside, we need to allow for more consolidation in the 1.4980 - 1.5090 area.

Trading recommendation:
We are long EUR from 1.5000 with stop placed at 1.4950. If you are not long EUR yet, then buy a break above 1.5090 and use the same stop at 1.4950.




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  #199  
Old 01-12-2016, 12:17
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
As feared, a break below 1.4963 has been seen. We have reviewed our count for wave [v] of v and it's very likely that more downside closer to 1.4728 and maybe even lower to 1.4562 is needed to complete the ending diagonal. We do prefer the 1.4728 target over the deeper equality target between wave a and c at 1.4562, but we need to allow for this possibility.
Only a break above minor resistance at 1.4986 will indicate that a low is in place, while a break above 1.5095 will confirm the low for a rally to the origin of the ending diagonal at 1.5839.

Trading recommendation:
We will buy EUR at 1.4585 or upon a break above 1.5095.




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  #200  
Old 07-12-2016, 20:07
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Default Re: Daily technical analysis of EUR/NZD By INSTAFOREX

Wave summary:
We continue to look for more upside towards 1.5266 and above here. It confirms that the ending diagonal completed with the test of 1.4737 and that a rally back to the origin of the ending diagonal at 1.5837 is developing.
Short-term support is seen near 1.4937.

Trading recommendation:
We are long EUR from 1.4750 with stop at break-even. If you are not long EUR yet, then buy EUR near 1.4937 and use the same stop at 1.4750




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