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12.12.2016 09:22 AM
Elliott wave analysis of EUR/NZD for December 12, 2016

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Daily

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8-Hourly

Wave summary:

After an unexpected break below 1.4737, we need to allow for more downside closer to 1.4590 before the ending diagonal from 1.5837 finally completes and a new impulsive rally can materialize.

Only a direct break above resistance at 1.5092 will confirm that the end ending diagonal has completed and a new impulsive rally is developing towards 1.5837 as the first upside target, but longer term, much more upside is expected.

Trading recommendation:

We have placed a buy-order at 1.4610 or upon a break above 1.5092. With stop placed at 1.4585.

Torben Melsted,
Analytical expert of InstaForex
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