Eurnzdsell
EURNZD: Elliott Wave Showing Incomplete SequenceHello Traders,
EURNZD short-term Elliott wave analysis suggests that the decline from 10/08/2018 peak is unfolding as Zigzag structure. Where a bounce to 1.7881 high ended black wave ((ii)), black wave ((iii)) ended in lesser degree 5 waves at 1.7528 low. Black wave ((iv)) ended at 1.7596 high. And black wave ((v)) ended at 1.7493 low which also completed the red wave 3. Up from there, a bounce to 1.7556 high ended red wave 4 bounce. Down from there, a decline to 1.7354 low ended red wave 5 & finally completed blue wave (A) in 5 waves impulse.
Above from there, a bounce to 1.7587 high ended blue wave (B) bounce. The internals of that bounce unfolded as double three structure where red wave W ended in 3 swings at 1.7534 high. Red wave X pullback ended at 1.7399 low and red wave Y ended in another lesser degree 3 waves at 1.7587 high.
Down from there, blue wave (C) remains in progress. Near-term, while below 1.7587 high expect bounces to fail in 3, 7 or 11 swings for more downside towards 1.7004-1.6642 100%-161.8% Fibonacci extension area of blue wave (A)-(B) to end the cycle from 10/08/2018 peak & finding buyers again. We prefer more downside against 1.7587 high.
Wait, EURNZD --> ShortWe will wait the breakout to take position, then be patient to get full profit :)
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EURNZD Weekly Forecast 24th September To 28th SeptemberMidterm forecast:
1.7480 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
The RSI bounced from the resistance #1 at 80 and it prevented price from more gains.
The RSI uptrend #2 is broken, so the probability of beginning of downtrend is increased.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 51.
EUR/NZD - 300 Pips ShortA potential big drop is currently imminent on EUR/NZD.
*Important: To enter this move, wait for the breakout of 1.77 and the resistence under it. If it does not break this level, then this trade is invalid.
Once broken and the resistence found underneath it, it can go anywere near 1.74
Trade safe.
SHORT EURNZDHi ALL,
Just sharing another one of my trades. This is not financial advice just sharing my trade for everyone's consideration and feedback. Trade at your own risk.
I have currently shorted EURNZD pair. I believe this is a good trade and could see some nice profits if it flows in my directions.
Entry: Now or 1.76000 - 1.75500
SL: 1.76500
TP1: 1.7000
TP2: 1.6800
All the best and Don't be greedy, share the love. Please like and leave your comments if you like this trade.
I'm keen on always improving.
EURNZDThe market has formed a rather strong support and resistance along this channel. Since it is a channel, we have no clue where it could break and take direction to. I have spotted a pin bar candle stick formed up right on the resistance, this is a good sign to expect the reversal of the trend from bulls to bears. On smaller time frames I have yet another conviction on this analysis, hence the confidence builds up.
EURNZD Sell SetupEUR/NZD testing the downtrend line and seems like the upside is limited and a possible correction is setting up. Short term momentum indicators support the view as well. If it forms a linear compression here, i'd recommend to look for sell setups for a target to 1.7100 or so.
Happy Trading.