Daily technical analysis of EUR/NZD By INSTAFOREX

[InstaForex]

Technical summary:
A decline in wave c was as strong as expected. We are looking for a continuation lower to below 1.4913 and ideally lower to 1.4725, which marks the 38.2% corrective target of wave (i). In the short term, we expect minor resistance at 1.5158 to be able to protect the upside for a break below minor support at 1.5083 confirming the next part of the decline towards 1.4725.

Trading recommendation:
We missed our short entry at 1.5265 as the sell-off from 1.5402 simply was too strong. We will concentrate on buying EUR near the target at 1.4725 now . We will place a EUR buy order at 1.4735 with stop at 1.4600.

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[InstaForex]

Technical summary:
The expanded flat correction from 1.5247 continues to unfold as expected. In the short term, we will be looking for a break below the minor support at 1.5157 and more importantly below the support at 1.5130 that should cause renewed downside pressure for a decline towards 1.4725. The risk is that we only will see a decline to the minor support-line near 1.5100 for one more corrective rally higher to 1.5239 before the next decline towards the ideal target at 1.4725 will be seen.

Trading recommendation:
We will sell EUR upon a break below support at 1.5157 with a stop placed at 1.5255 and take-profit + revers of the short position to a long EUR position at 1.4750.

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[InstaForex]

Technical summary:
Wave ii of c became much stronger than we had expected and pierced the 61.8% corrective target at 1.5272 with a high at 1.5288. However, the rally in wave ii was followed by a break below a low of wave i at 1.5076 confirming wave iii lower to 1.4941 and later the ideal downside target at 1.4725. In the short term, we are looking for resistance near 1.5134 for the next part of a decline towards 1.4941 on the way lower to the ideal downside target at 1.4725 to end wave c of the expanding flat correction.

Trading recommendation:
Our stop is at 1.5255 and we will stand aside for now.

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[InstaForex]

Technical summary:
We still favor more downside movment towards 1.4725 in wave c of the expanded flat correction that has been unfolding since wave (i) topped at 1.5467. That said, it will only take a break above 1.5109 and more importantly a break above resistance at 1.5208 to indicate that wave (ii) ended at 1.4927 and wave (iii) higher towards at least 1.6300 is developing. As long as resistance at 1.5109 is able to protect the upside, we will look for a final decline in wave c closer to 1.4725 to terminate the expanded flat. It will only take a break above 1.5109 to indicate that wave (ii) has terminated and wave (iii) higher is developing.

Trading recommendation:
Our stop and revers at 1.5080 was hit. Now, we are long on EUR. As we still can see more downside pressure, we will place our stop at 1.5020. If our stop gets hit, we will re-buy EUR at 1.4750.

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[InstaForex]

Technical summary:
A break above minor resistance at 1.5109 warned us that the correction in wave (ii) has already terminated at 1.4927 and a new impulsive rally in wave (iii) is developing. The first target for wave (iii) is seen at 1.6310 where the wave (iii) will be equal in length to the wave (i). This means that as an expanded flat wave (ii) is seen, we should look for an extension in wave (iii) with the first target at 1.7154. So, that will be the first target to look for.
Short-term minor support at 1.5277 will ideally protect the downside for a break above 1.5405.
Wave (i) was a textbook five wave rally. But it's wave three where the real money is made, as this wave is normally very powerful and corrections tend to be small. Wave three is the wonder to behold!

Trading recommendation:
We are long EUR from 1.5080 and will move our stop higher to 1.5180. If you are not long EUR yet, then buy EUR near 1.5277 with the same stop at 1.5180.

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[InstaForex]

Technical summary:
We saw an anticipated correction in red wave iv. We should see red wave v soon moving higher towards 1.5640 to finish the first impulsive rally in wave (iii). Once this first impulsive rally is over, a correction to 135.10 (bottom of red wave iv) should be expected.
In the long term, we are looking for much higher levels with 1.5802 being the next major upside target.

Trading recommendation:
We are long EUR from 1.5080 and will move our stop higher to 1.5300. If you are not long EUR yet, buy on a break above 1.5392 and place stop at 1.5300 too.

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[InstaForex]

Technical summary:
The expected a target at 1.5640 to be tested. We expect minor correction from 1.5640 down to 1.5290 before the next strong impulsive rally towards 1.6477 and even higher if red wave iii extends strongly. As wave (ii) was flat, we are looking for an extension in wave (iii) and that would call for a rally at least to 1.7154, where wave (iii) will be 161.8% the length of wave (i).
Be aware that a clear break above 1.5640 is likely to call for much more upside pressure towards 1.6027 as the first minor target.

Trading recommendation:
We are long EUR from 1.5080 and will move our stop higher to 1.5450 and take profit at 1.5630. We will re-buy EUR at 1.5305

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[InstaForex]

Technical summary:
The correction at 1.5920 has been very small. This is not common for corrections in the third wave. We are going to look for a clear break above 1.5920 to confirm that the correction in wave ii is over and wave iii is moving higher to at least 1.6308 and more likely even higher to 1.7154, in line with our expectations.
In the short-term, we will look for support at 1.5785, which is expected to protect the downside for a clear break above the resistance at 1.5920. The risk is that a flat correction is unfolding and a new test around 1.5716 will be seen before the next impulsive rally.

Trading recommendation:
We are long EUR from 1.5800 and will place our stop at 1.5700. If you are not long EUR yet, Then buy EUR near 1.5785 or upon a break above 1.5920 and place the stop at 1.5700.

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[InstaForex]

Technical summary:
The correction in wave ii proved to be a small expanded flat by reaching a new low at 1.5646 before taking off again with new impulsive power breaking clearly above resistance of 1.5920 this time. We are looking for support near 1.5920 for a continuation higher to 1.6310 as the next upside target on the way towards 1.6446, which will be the next major upside target. In the long-term chart, the resistance line at 1.7175 has been broken now confirming that much more upside will be seen.

Trading recommendation:
We bought EUR at 1.5810 and will place our stop at the break-even level. If you are not long EUR yet, then buy near 1.5920 and use the same stop at 1.5810.

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[InstaForex]

Technical summary:
After a minor consolidation is red wave ii, we will be looking for acceleration higher through 1.6310 for a continuation higher of 1.6446 as the next major upside target. In the short term, we expect support at 1.5942 to protect the downside for a break above minor resistance at 1.6096 confirming acceleration higher to 1.6310 and even higher to 1.6446 as the next major target. Looking at the longer-term picture, a break above 1.6446 will be very bullish and call for a return to the August 2013 higher at 1.7274.

Trading recommendation:
We are long EUR from 1.5810 and will keep our stop at break-even. If you are not long EUR yet, then buy a break above 1.6096 and place you stop at 1.5935.

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[InstaForex]

Technical summary:
We are looking for acceleration higher in red wave iii towards 1.6446 as the first minor upside target, while a continuation higher to 1.6787 is expected to follow. In the short term, minor support at 1.6084 will ideally protect the downside for a break above resistance at 1.6159, which confirms the expected acceleration higher to 1.6446. A break below minor support at 1.6084 will delay the expected upside pressure, but downside potential should be limited to 1.6054.

Trading recommendation:
We are long EUR from 1.5810 with stop placed at 1.5935. If you are not long EUR yet, then buy near 1.6084 or upon a break above resistance at 1.6159 with the same stop at 1.5935.

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[InstaForex]

Technical summary:
We have seen an expected rally higher to 1.6446 (a high of 1.6512). Ideally, we will see a break above the base channel resistance line near 1.6512 for even more acceleration higher to 1.6787 and higher to 1.7154 as the next major upside target. Minor support is found at 1.6313 and strong support is found at 1.6160, which is expected to protect the downside for a break above the resistance at 1.6512 for more upside acceleration.

Trading recommendation:
We are long EUR from 1.5810 and will move our stop higher to 1.6140. If you are not long EUR yet, then buy EUR near 1.6320 or upon a break above 1.6512 and use the same stop at 1.6140.

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[InstaForex]

Technical summary:
We have seen a test of minor support at 1.6313 (the low has been 1.6316) and that should be enough for the next part of the rally higher to 1.6787 and even higher to 1.7154. That said we have entered an area of price-resistance, which can support further progress. Ideally, the short-term support near 1.6313 will keep protecting the downside for a break above the channel resistance line near 1.6544 confirming the rally to 1.6787 and 1.7154. An unexpected break below 1.6313 will delay the expected upside, but only a break below 1.6194 will call for a more prolonged corrective consolidation before the next impulsive rally higher.

Trading recommendation:
We are long EUR from 1.5810 and will move our stop slightly higher to 1.6185. If you are not long EUR yet, buy near 1.6313 or upon a break above 1.6476 and use the same stop at 1.6185.

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[InstaForex]

Technical summary:
We are still looking for more upside pressure towards 1.6787 and expect minor resistance at 1.6513 to be broken soon for the next rally towards 1.6787. That said we are looking for even more upside pressure towards 1.7154 and the next major upside target in the longer term.
Now, support is found at 1.6374 and at 1.6313 again. The later should not be broken.

Trading recommendation:
We are long EUR from 1.5810 with stop at 161.85. Stop would be moved higher to 1.6300 once minor resistance at 1.6513 gets broken. If you are not long EUR yet, the buy EUR near 1.6425 or upon a break above 1.6513 and use the same stops.

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[InstaForex]

Technical summary:
A new high was seen in line with expectations. The pair did not reach an ideal target at 1.6787 (the high came in at 1.6586), but more upside pressure is expected after a minor correction to 1.6316.
If, however, support at 1.6316 gets broken, a stronger downside pressure is expected which will take us lower to 1.6169 prior to a new rally.

Trading recommendation:
We are long EUR from 1.5810 with stop now at 1.6300. Consider buying EUR near 1.6316 with a close stop at 1.6300.

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[InstaForex]

Technical summary:
A correction from 1.6587 is still unfolding, but only a break below support at 1.6143 indicates that a more substantial correction is unfolding towards 1.5650. That means a break above minor resistance at 1.6280 and more importantly a break above resistance at 1.6345 for renewed upside pressure towards 1.6787.
In the long term, we are looking for even higher levels to beyond 1.7274 for a continuation towards 1.9094.

Trading recommendation:
We are long EUR from 1.6300 with stop placed at 1.6140. If you are not long EUR yet, buy EUR upon a break above 1.6280 with the same stop at 1.6140.

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[InstaForex]

Technical summary:
With a low at 1.6147 we got close to indicate a more substantial correction evolved, but as long as support at 1.6143 stays intact, we will be looking for more upside pressure towards 1.6787.
In the short term, we will be looking for a break above minor resistance at 1.6345 as the first good indication that the correction in red wave iv is over at 1.6147 and that red wave v is developing for the rally to 1.6787. A break below 1.6143 is still needed to indicate a more substantial correction towards 1.5928 and even 1.5650 is unfolding.

Trading recommendation:
We are long EUR from 1.6300 and will keep our stop at 1.6140. If you are not long EUR yet, buy on a break above 1.6345 with the same stop at 1.6140.

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[InstaForex]

Technical summary:
The EUR hit major highs after Monday's opening bell, as the Greek Prime Minister called a referendum on whether to accept the latest terms set by creditors. The important short-term support at 1.5792 is still intact, so we will stay cautiously bullish for now.
To confirm the bullish outlook, a breakout back above resistance at 1.6370 is needed. It will call for more upside towards 1.7154. However, a breakout below support at 1.5792 will delay an expected rally and will force a review of the entire rally from a low of 1.3880.

Trading recommendation:
Our stop at 1.6140 was taken out immediately as we opened at 1.6136. We will sideline until the volatility becomes normal again.

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[InstaForex]

Technical summary:
A previous top at 1.6587 has kept prices in check for now, which indicates more correction in wave iv towards 1.6017 before the final rally higher in wave v towards 1.7146. It will take an unexpected breakout below the support at 1.5792 to alter the count that hasbeen working well for us since the 1.3880.

Trading recommendation:
We are sidelined for now, but will buy on a break above 1.6577.

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[InstaForex]

Technical summary:
We saw a break above resistance at 1.6587 yesterday, which indicated that more upside pressure should be expected towards 1.7053 and even 1.7154 in wave v. Now, we would like to see minor support at 1.6495 protecting the downside for a breakout above 1.6555 confirming the next rally higher to 1.6856 and higher to 1.7053.
Only an unexpected break below the support at 1.6304 will delay the expected upside pressure closer to 1.6100.

Trading recommendation:
We bought EUR at 1.6588 and has placed our stop at 1.6360.

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[InstaForex]

Technical summary:
We continue to look for a breakout higher towards the next upside target at 1.7154. Looking at the rally from 1.3860, we have already seen five waves. So, no more progress is required in theory, but we would be surprised if a dowside break is already seen.
It will take a break below the support line from 138.60, which is currently near 1.6225, to indicate that the top is already in place.

Trading recommendation:
We are long EUR from 1.6588 with stop placed at 1.6310. If you are not long EUR already, buy on a break above 1.6625 with your stop placed at 1.6410.

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[InstaForex]

Technical summary:
We are still trading in a narrow range. As long as minor resistance at 1.6522 protects the upside, we could still see a move slightly lower to 1.6250 before a new rally set in to 1.7154. A breakout below 1.6320 will change the short-term count and indicate that wave ii has become an expanded flat correction.
Only an unexpected break below 1.6035 could indicate a top being in place for a deeper correction.

Trading recommendation:
We are long EUR from 1.6588 with stop placed at 1.6300. If you are not long EUR yet, Then buy close to 1.6320 with the same stop at 1.6300

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[InstaForex]

Technical summary:
With a low of 1.6329, important support at 1.6320 held well and protected the downside for a new rally. In the short term, we expect minor support at 1.6464 to be able to protect the downside for a break above 1.6625 confirming the next impulsive rally higher towards 1.7031 and 1.7154.
It will still take a break below important support at 1.6320 to invalidate the bullish outlook and call for a deeper correction of the rally from 1.3880 to 1.6587.

Trading recommendation:
We are long EUR from 1.6588 with stop placed at 1.6300. If you are not long EUR yet, then buy EUR near 1.6464 with the same stop at 1.6300.

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[InstaForex]

Technical summary:
Once again our patience was tested as blue wave ii moved lower than expected, but important support at 1.6329 was never in any real danger of being broken. We will now look for a break above minor resistance at 1.6535 confirming that blue wave iii higher is developing for a rally towards at least 1.6907 and more likely even higher to 1.7050 on the way higher to 1.7154.
Only an unexpected break below support at 1.6329 will force a re-count for the short term.

Trading recommendation:
We are long EUR from 1.6588 and will keep our stop at 1.6320. If you are not long EUR yet, then buy a break above 1.6535 and use the same stop at 1.6320.

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[InstaForex]

Technical summary:
We have seen a low of 165.84 (just below our support at 1.6590) and we think it's just a matter of time before blue wave iii moves higher towards 1.6915 and 1.7050 on its way to 1.7245. In the short term, a breakout above minor resistance at 1.6714 will confirm that the correction from 1.6812 is over and renewed strength towards 1.6915 and even 1.7050 should be expected.
Only a breakout below 1.6607 will delay the expected upside pressure for a move closer to 1.6560 before making the next attempt to push the price higher again.

Trading recommendation:
We are long EUR from 1.6588 with our stop placed at 1.6490. Upon a break above 1.6714, we will move our stop higher to break-even.

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[InstaForex]

Technical summary:
A break below support at 1.6349 indicates that wave 1 has found a top at 1.6812 and correction in wave 2 is unfolding now. We will be looking for an opportunity to test the level of 1.6115, which acts as both the bottom of wave (iv) and the 23.6% corrective target.
In the short term, we will look for resistance to be found at 1.6568, to break below minor support at 1.6400 confirming that the next part of a decline towards 1.6115 is taking place.

Trading recommendation:
Our stop at 1.6425 was hit with a loss and we sell EUR at 1.6565 our stop placed at 1.6640. Take profit will be placed at 1.6125

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[InstaForex]

Technical summary:
A back-test of the broken support-line has been seen and we are looking for a decline to the bottom of wave (iv) at 1.6035, which also marks the 23.6% corrective target of a rally in wave 1. This correction is wave 2 could be deep, but we have seen the cross producing only very small corrections in the second wave and therefore do not want to overstate the downside potential.

Trading recommendation:
We sold EUR at 1.6565 with stop placed at 1.6640 and take profit placed at 1.6125. Do not be too aggressive towards the downside thus.

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[InstaForex]

Technical summary:
A break above 166.39 has changed a corrective pattern or maybe even complete sub-normal corrective zig-zag at 1.6325. We do prefer more corrective behavior, but is the correction in this cross can be very small. Now we are looking for an opportunity to test the top at 1.6812 in a flat, but it could turn into an expanded flat, which would call for a rally to 1.7000 before turning lower to 1.6115 to finish its correction in wave 2.

Trading recommendation:
Our stop at 1.6640 was hit for a small loss and we will stay neutral for now.

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[InstaForex]

Technical summary:
The flat correction in wave 2 is still unfolding and we could finally see a new low just below 1.6325 before this correction is over. A new rally towards 1.7277 is expected. In the short term, the final push lower can be seen as long as resistance at 1.6602 is able to protect the upside. Any break above resistance at 1.6602 will indicate that wave 2 is over and wave 3 is headed higher towards the first target at 1.7277 is developing.

Trading recommendation:
We are looking for an opportunity to buy near 1.6335 or upon a break above 1.6602.

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[InstaForex]

Technical summary:
We are still locked inside a very narrow consolidation-area between 1.6554 and 1.6791. We continue to look for an upside break for a continuation higher towards 1.6995 and 1.7277. Only a break below 1.6554 will delay the expected upside pressure closer to 1.6320 before moving higher again.

Trading recommendation:
We are long EUR from 1.6603 with stop placed at 1.6550. If you are not long EUR yet, then wait for a break above resistance at 1.6791 before buying EUR.

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[InstaForex]

Technical summary:
The break above 170.77 indicates that an expanded flat correction is unfolding. This means a continuation higher to 1.7198 as an ideal target with an outside chance for a rally higher to 1.7273 if the b-wave extends before downside in wave c. The short-term support is found at 1.6966 which ideally should protect the downside for the rally towards 1.7198 in wave b before lower in wave c. Only a direct break below 1.6893 will indicate that wave b peaked early and wave c is already unfolding. Trading recommendation: We were not looking for an extended flat, so our stop at 1.7078 was hit. We will wait to sell EUR at 1.7185 with stop placed at 1.7285.


Trading recommendation:
We were not looking for an extended flat, so our stop at 1.7078 was hit. We will wait to sell EUR at 1.7185 with stop placed at 1.7285

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[InstaForex]

Technical summary:
Small consolidation seen over the last couple of days does look like a small triangle. As we think the final rally in wave (iii) is still missed, we regard this triangle as red wave 8iv) and will be looking for one more rally higher in red wave iv to 1.9141. We are aware of the risk of being a b-wave triangle. In this case, we will see a break below support at 1.7426 in order to make a decline towards 1.6495.

Trading recommendation:
We will buy on a break above 1.7866 with stop placed at 1.7420 or we will sell on a break below support at 1.7426 with stop placed at 1.7870 (one order cancels the other)

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[InstaForex]

Overview:
Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7843. In the daily time frame, we can observe a demand bar in a volume below the average. The trend is neutral. Our Fibonacci expansion 61.8% at the level of 1.7325 held successfully. Anyway, we saw that supply came in according to the H1 time frame. Buying still looks risky, since we got strong weakness on the background. Watch only for selling opportunities after retracement. Support is seen around the level of 1.7275. We need to see a change in trend behavior from neutral to downward and then we can watch for selling opportunities.

Trading recommendations:
Watch only for selling opportunities after retracement

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[InstaForex]

Technical summary:
As long as important support at 1.7103 protects the downside, a bullish case can be made for one final rally that ideally should break above the wave iii higher at 1.9023. The wave iii high at 1.9023 is far away and we think that the possible risk of a fifth wave failure is bigger than usual. It leaves us with a bigger risk towards the upside and the downside, so at this point we prefer to wait for the larger and clearer picture.

Trading recommendation:
Stay neutral for now and wait for a more clear picture.

www.instaforex.com

[InstaForex]

Technical summary:
There is still no verdict here. As long as support at 1.7103 stays intact, one more rally higher to 1.9023 and above can not be excluded. To confirm a new rally higher towards 1.9023, a break above minor resistance at 1.7743 and more importantly a break above resistance at 1.7896 should be seen. That said, we are a bit reluctant to make a strong call for one final rally above 1.9023. The reason behind it is that the top of wave iii seems to move very far away and risk of a wave five failure could be much greater than normally.

Trading recommendation:
The trend is still up. Support at 1.7103 is still holding firm, so we would normally be buying EUR, but the risk seems much greater than normal, so for now we will stay neutral.

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[InstaForex]

Technical summary:
A triangle formation should be finished soon. We still belive that this is a wave (iv) triangle and that it will call for a thrust out of the triangle towards the upside. A break above resistance at 1.7881 will confirm the upside thrust. Of course, it can turn out to be a B-wave triangle, which a break below support at 1.7304 will confirm.
Now we are at levels that makes the risk better to handle. So, we can wait for the thrust out of the triangle either at 1.7881 for the next rally or below support at 1.7304 for more declines. Or we could buy EUR here with a stop and revers at 1.7300.

Trading recommendation:
We think that we are at levels, where the risk is manageable again. We will buy EUR at 1.7490 and place our stop at 1.7300

www.instaforex.com

[InstaForex]

Technical summary:
Now we can see an expected thrust out of the triangle towards the upside and it should just be a matter of time before we will see the next impulsive rally higher to 187.02. In the short term, a break above resistance at 1.8004 will confirm the rally higher.
Support is now found near 1.7792 and again at 1.7622, which will ideally protect the downside for a break above 1.8004 and the rally towards 1.8702

Trading recommendation:
We are long EUR from 1.7490 and will keep our stop at 1.7300. If you are not long EUR yet, then buy on a break above 1.7968 with stop placed at 1.7800.

www.instaforex.com

[InstaForex]

Technical summary:
We do not see any changes here as we are still looking for a firm breakout above resistance at 1.7996 in order to perform the next rally higher to 1.8289 and even high to 1.8702 in wave iii of (v). In the short term, we expect minor support at 1.7777 to protect the downside for a breakout above 1.7996.

Trading recommendation:
We are long EUR from 1.7490 with stop placed at 1.7620. If you are not long EUR yet, buy on a break above 1.7996 and place you stop at 1.7775.

www.instaforex.com

[InstaForex]

Technical summary:
We continue to look for a strong rally higher to 1.8289, but the correction in wave ii has taken longer than first expected. To confirm that the correction in wave ii is over, we need a break above resistance at 1.7955, which will call for the next impulsive rally in wave iii towards 1.8289 and more likely higher to 1.8702 as wave iii was expected to extend.

Trading recommendation:
We are long EUR from 1.7490 with stop placed at 1.7620. If you are not long yet, buy on a break above 1.7955 with stop placed at 1.7620.

www.instaforex.com

[InstaForex]

Technical summary:
A correction in wave ii has taken more time than first expected, but nothing else has changed. We are still looking for a break above resistance at 1.7866
to enable a rally towards at least 1.8288 and most likely even higher to 1.8682 in wave iii.
Ideally, support at 1.7702 will be able to protect the downside for a breakout above 1.7866.

Trading recommendation:
We are long EUR from 1.7490 with stop at 1.7620. If you are not long EUR yet, then buy on a break above resistance at 1.7866 with stop placed at 1.7700

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