FOREXCOM:EURNZD   Euro / New Zealand Dollar
I posted yesterday a chart about this currency pair however I didn't see the right confirmations so I haven't entered.
My forecast for this currency is still bearish as long as it does not break and close above resistance.
The alternative analysis which I made for this pair is the Elliott wave count where as a rule wave 1 never enters price territory of wave 4 and wave 3 is not the shortest impulse wave.

Wave 1 came slightly short of the 78.6 Fib level and Wave 4 was spot on the 23.6 Fib. You can now pull the Fib Levels all the way up to wave 5 to make any predictions about Correction levels after this 5 wave count.

As we can see from this chart we do have 3 IMPULSES (waves 1-3-5) and two CORRECTIONS (waves 2-4).

In order for the 5 wave count to be confirmed we MUST have a divergence on our RSI between wave 3 and wave 5 which we do seem to have. We should now expect a correction for this whole move. ABC

Always do your own analysis first before placing any trades and use risk management. There is always an explation for every trade placed so be very careful with your analysis.

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