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11.08.201608:21 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for August 11 - 2016

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 11.08.2016 analysis

Wave summary:

Despite a rate cut from RBNZ kiwi rallied and our fear of more downside pressure within the corrective channel was confirmed. We have seen a test of the 81.3% corrective target at 1.5185, which should have complete wave ii and start a new impulsive rally to above 1.5839.

However, to confirm that wave ii is complete and wave iii higher is developing, a break above minor resistance at 1.5550 and more importantly above resistance at 1.5646 is needed.

Trading recommendation:

Our stop at 1.5390 was hit. We are still looking for buying opportunities and will buy EUR at 1.5240 or upon a break above 1.5550

Torben Melsted
Analytical expert of InstaForex
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