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31.10.201808:12 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for October 31, 2018

Long-term review

Exchange Rates 31.10.2018 analysis

We have seen the expected dip closer to support in the 1.7290 - 1.7300 zone (the low has been seen at 1.7267). Short-term a break above minor resistance at 1.7333 will be the first good indication that the corrective decline in red wave ii/ has completed and red wave iii/ is ready to take over for a rally towards 1.8253.

A break above resistance at 1.7459 confirms that red wave ii/ has completed and red wave iii/ is developing.

R3: 1.7497

R2: 1.7459

R1: 1.7384

Pivot: 1.7333

S1: 1.7294

S2: 1.7267

S3: 1.7218

Trading recommendation:

We will buy EUR upon a break above minor resistance at 1.7333 and place our stop at 1.7233.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Torben Melsted,
Analytical expert of InstaForex
© 2007-2022
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