In this technical blog we’re going to take a quick look at the Elliott Wave charts of EURNZD Forex Pair published in members area of the Elliottwave-Forecast . As our members know, EURNZD is correcting the cycle from the 1.8228 peak. Recovery looks incomplete at the moment. The pair is showing higher high sequences from the February low, suggesting further strength toward 1.7269 as far as 1.6604 pivot holds. Recently we got pull back that has given us opportunity to enter long trade. In further text we’re going to explain the forecast and trading strategy.
EUR/NZD 4 hour Elliott Wave analysis 7.4.2021
Current view suggests EURNZD ended 5th swing in the February cycle as Double Three W red. Now doing X rec connector that still looks incomplete. We believe the pair still could give us another leg down as proposed on the chart. Although calling for more short term weakness, we recommended members to avoid selling at this stage. Strategy is waiting for extremes from W red peak to be reached before entering long trades again. Extreme zone comes at the equal legs ((w))- ((x)) at 1.6755-1.6686 ( buyers zone). As the pair shows higher high sequences from the February low, we expect to see at least 3 waves bounce from there.Once the price reaches 50 Fibs against the ((x)) black peak, we will make long positions risk free ( put SL at BE).
EUR/NZD 4 hour Elliott Wave analysis 7.6.2021
Eventually EURNZD made extension down toward blue box area 1.6755-1.6686 and found buyers as we expected. We got nice reaction from the blue box, which reached 50 fibs against the connector, so member who opened long positions are risk free at this stage . X red ended at 1.6693 , proposed short term pull back should ideally hold above that low in order to keep this forecast in place.
EUR/NZD 4 hour Elliott Wave analysis 7.6.2021
The price held above 1.6693 low and we got further rally as expected. Rally from the 1.6693 low looks like 5 waves. ((b)) black pull back is expected to give us 3 waves against the mentioned low, before further rally resumes ideally. We would like to see break above W red peak to confirm next leg up is in progress.
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