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14.04.2015 05:55 AM
Elliott wave analysis of EUR/NZD for April 14 - 2015

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Technical summary:

We saw a sharp rally towards 1.4237 yesterday, which is just below the 50% corrective target for red wave iii and therefore it is more than likely that red wave iv ended at 1.4237.Red wave v is likely to move lower towards 1.3867 and possibly even lower to 1.3687 before a firm bottom is found. In the short term, I would be looking for a break below minor support at 1.4130 as a confirmation that red wave v is unfolding a decline to 1.4011 on the way lower to 1.3867. Ideally, minor resistance at 1.4170 will protect the upside for the break below 1.4130 for a strong move lower.

Trading recommendation:

The decline in wave v is well advanced, but we will buy and sell EUR at 141.65 with a stop at 142.10 and take profit at 1.3875, this will be a nice risk/reward trade.

Summary
Urgency
Analytic
Torben Melsted
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