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  #1  
Old 20-05-2015, 23:26
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Default Daily technical analysis of EUR/NZD By 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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  #2  
Old 21-05-2015, 17:23
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Default Re: Daily technical analysis of EUR/NZD By 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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  #3  
Old 23-05-2015, 12:33
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Default Re: Daily technical analysis of EUR/NZD By 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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  #4  
Old 28-05-2015, 21:18
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Default Re: Daily technical analysis of EUR/NZD By 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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  #5  
Old 30-05-2015, 19:09
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Default Re: Daily technical analysis of EUR/NZD By 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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  #6  
Old 02-06-2015, 12:07
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Default Re: Daily technical analysis of EUR/NZD By 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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  #7  
Old 03-06-2015, 10:11
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Default Re: Daily technical analysis of EUR/NZD By 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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  #8  
Old 09-06-2015, 10:45
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Default Re: Daily technical analysis of EUR/NZD By 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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  #9  
Old 12-06-2015, 02:56
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Default Re: Daily technical analysis of EUR/NZD By 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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  #10  
Old 12-06-2015, 13:32
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Default Re: Daily technical analysis of EUR/NZD By 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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  #11  
Old 16-06-2015, 20:02
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Default Re: Daily technical analysis of EUR/NZD By 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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  #12  
Old 18-06-2015, 16:51
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Default Re: Daily technical analysis of EUR/NZD By 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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  #13  
Old 19-06-2015, 19:14
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Default Re: Daily technical analysis of EUR/NZD By 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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  #14  
Old 22-06-2015, 21:19
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Default Re: Daily technical analysis of EUR/NZD By 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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  #15  
Old 23-06-2015, 21:47
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Default Re: Daily technical analysis of EUR/NZD By 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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  #16  
Old 25-06-2015, 21:41
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Default Re: Daily technical analysis of EUR/NZD By 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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  #17  
Old 26-06-2015, 20:50
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Default Re: Daily technical analysis of EUR/NZD By 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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  #18  
Old 29-06-2015, 22:02
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Default Re: Daily technical analysis of EUR/NZD By 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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  #19  
Old 01-07-2015, 18:13
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Default Re: Daily technical analysis of EUR/NZD By 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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  #20  
Old 03-07-2015, 16:23
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Default Re: Daily technical analysis of EUR/NZD By 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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