EUR/NZD End of 14 month correction? Looking to go long
From this chart I can see a 5 wave impulse (labelled (i) to v)) from April to August 2015. After this it looks like a clear 3 wave correction (w),(x) and (y) which has taken place since August 2015.
I can also see significant MACD and RSI divergence at wave (y) (see the blue lines)
In the last few days RSI has broken the red down trend line and is challenging the 60 level which is a bullish development. Price is also challenging the green down trend line and today it has moved above the daily Ichimoku Cloud. The current formation looks like a leading diagonal.
I will me waiting for a 3 wave correction before entering. If the (w), (x) and (y) was the correction complete price should eventually move back into the 1.80's and beyond again.
I can also see significant MACD and RSI divergence at wave (y) (see the blue lines)
In the last few days RSI has broken the red down trend line and is challenging the 60 level which is a bullish development. Price is also challenging the green down trend line and today it has moved above the daily Ichimoku Cloud. The current formation looks like a leading diagonal.
I will me waiting for a 3 wave correction before entering. If the (w), (x) and (y) was the correction complete price should eventually move back into the 1.80's and beyond again.