Hi Traders,
The EURNZD seems to have completed wave B of (B) which unfolded as a double zigzag pattern "w-x-y," after a strong sell-off in (A) from Oct-Dec 2018.
.
Wave c of (y) of B also unfolded as an ending diagonal pattern. Also, prices have made a triple bottom pattern on the chart with MACD indicator also flashing bullish divergence (Not on chart).
.
According to the Elliott Wave principle, every impulse is followed by a three-wave correction in the opposite direction, but EURNZD has only drawn two waves, labeled A-B, from the bottom of the wave (A) at 1.6330.
.
This means that in order to fulfill the 5-3 wave cycle from the top at 1.7929, the bulls still have to lift the pair to a new swing high in wave "C" of (B).
.
Considering the evidence supporting bullish bias on EURNZD, we will look for buy entry at market open. The projected target area for wave C of (B) is around 1.72497 where wave A is equal to wave C.
.
What's your view on EURNZD? Let's talk in the comment.
.
Thanks for reading!
Veejahbee.
The EURNZD seems to have completed wave B of (B) which unfolded as a double zigzag pattern "w-x-y," after a strong sell-off in (A) from Oct-Dec 2018.
.
Wave c of (y) of B also unfolded as an ending diagonal pattern. Also, prices have made a triple bottom pattern on the chart with MACD indicator also flashing bullish divergence (Not on chart).
.
According to the Elliott Wave principle, every impulse is followed by a three-wave correction in the opposite direction, but EURNZD has only drawn two waves, labeled A-B, from the bottom of the wave (A) at 1.6330.
.
This means that in order to fulfill the 5-3 wave cycle from the top at 1.7929, the bulls still have to lift the pair to a new swing high in wave "C" of (B).
.
Considering the evidence supporting bullish bias on EURNZD, we will look for buy entry at market open. The projected target area for wave C of (B) is around 1.72497 where wave A is equal to wave C.
.
What's your view on EURNZD? Let's talk in the comment.
.
Thanks for reading!
Veejahbee.