empty
 
 
23.05.2018 05:19 AM
Elliott wave analysis of EUR/NZD for May 23, 2018

This image is no longer relevant

EUR/NZD has followed the expected path almost to perfection. Red wave v spike a bit lower than expected as it bottomed at 1.6889 and not at our ideal target at 1.6922, but the rally that followed the spike to 1.6889 is very constructive and indicates much more upside should be expected from here. The next upside targets to look for is seen at 1.7168 and then important resistance near 1.7300 and break above the later, will release a lot of energy and call for a continuation higher to 1.7474 on the way higher to 1.8000 on the way towards at least 1.8437.

Short-term support is see at 1.6999 and again at 1.6963. The later should be able to protect the downside.

R3: 1.7125

R2: 1.7074

R1: 1.7045

Pivot: 1.7013

S1: 1.6999

S2: 1.6963

S3: 1.6889

Trading recommendation:

We are long EUR from 1.6930 and we will place our stop at 1.6950. If you are not long already, then buy EUR near 1.7000 and use the same stop at 1.6950.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback