empty
 
 
16.04.2018 05:45 AM
Elliott wave analysis of EUR/NZD for April 16, 2018

This image is no longer relevant

EUR/NZD is following the expected path and is correcting. The minimum corrective target at 1.6793 has already been tested, but we expected a little more correction closer to the 1.6835 - 1.6860 area will be seen before lower again towards the ideal target near 1.6620.

The test of 1.6620 will ideally complete the corrective decline from 1.7162. That said it's possible that a larger correction is developing and if this is the case, a decline to 1.6220 should be expected before a more firm bottom is in place.

R3: 1.6860

R2: 1.6820

R1: 1.6793

Pivot: 1.6736

S1: 1.6676

S2: 1.6620

S3: 1.6580

Trading recommendation: We are looking for an EUR-selling opportunity at 1.6845.

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 $1000 more!
    In April we raffle $1000 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