EURNZD Forecasting The Decline after Elliott Wave Flat

Elliott Wave Forecast Team ElliottWave-Forecast.com

Hello Fellow Traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of EURNZD published in members area of the website. We’re going to explain the forecast and Elliott Wave Pattern. Before we take a look at the real market expample of Expanded Flat, let’s explain it in a few word.

Elliott Wave Expanded Flat is a 3 wave corrective pattern which could often be seen in the market nowadays. Inner subdivision is labeled as A,B,C , with inner 3,3,5 structure. Waves A and B have forms of corrective structures like zigzag, flat, double three or triple three. Third wave C is always 5 waves structure, either motive impulse or ending diagonal pattern. It’s important to notice that in Expanded Flat Pattern wave B completes below the start point of wave A, and wave C ends above the ending point of wave A which makes it Expanded. Wave C of expanded completes usually close to 1.236 Fibonacci extension of A related to B, but sometimes it could go up to 1.618 fibs ext.

At the graphic below, we can see what Expanded Flat structure looks like.

EURNZD Elliott Wave 1 Hour Chart 04.06.2018

As our members know, we’re labeling short term cycle from the 1.71645 peak as 5 waves structure. Wave ((ii)) ended at 1.71423 high and now the pair remains is correcting short term cycle against that peak. As far as proposed pivot stays intact we should ideally see another leg lower in wave ((v)). Currently wave ((iv)) recovery is in progress. It’s unfolding as Elliott Wave Expanded Flat structure, with inner labeleing (a)(b)(c) blue. As we can see wave (b) has broken below the start point of wave (a),while wave (c) has broken above ending point of wave (a) which makes this structure Extended. Currently the pair is ending wave (c) as 5 waves rally from the low. The pair is expected to find sellers at 1.6884-1.6921 area for another leg lower wave ((v)) . Keep in mind not every char is Trading Signal. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.

Eventually EURNZD has found sellers at proposed area :1.6884-1.6921 and gave us decline in wave ((v)). On April 10th, the pair has made the new low as we expected.

Become a Successful Trader and Master Elliott Wave like a Pro. Start your Free 14 Day Trial at - Elliott Wave Forecast.

Author

Elliott Wave Forecast Team

ElliottWave-Forecast.com

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.