Trading opportunities for the currency pair : an attempt to escape up the bull takeover failed. The week before last week formed pinbar and last activated. This is not a 100% guarantee that the rate will go up, but the cycles came the growth phase. To date, the relevant long positions on the euro with the objectives of 1.5833, 1.6321 and 1.7095. Stop, it is desirable to put on pinbar - 1.5027. Closing candles below 1.50 will cancel the scenario for growth.
Last trading idea came out July 18. Then the rate of EUR / NZD was trading at 1.5620. In mid-summer reversal candlestick formation formed "bullish engulfing" the weekly period. The price rebounded from the bottom of the channel "2" - 1.5113. In this regard, I considered the continuation of increase of quotations to the level of 1.7095. To buy the euro against the New Zealander I offered on the market and on a pullback to 1.5338 with the stop below 1.5113. Six weeks buyers could not get the level of 1.5836. In early September, before the meeting of the ECB rate EUR / NZD fell to 1.5027, catching a protective stop.
After the meeting, the ECB, and Mario Draghi speech euro rebounded from 1.5027. As a result, the price rebound was formed pinbar week. Last week, the quotations growth continued to 1.5511. Bovine pinbar activated, so I decided to restore the long euro positions with the targets of 1.5833, 1.6321 and 1.7095.
Channel "1" (the dotted line) - is the main and takes back to August 2015 from the top of 1.8556. Channel built by price values 1.8556 - 1.6931 - 1.5784. Like it or not, I get the cycles the pair EUR / NZD.
Up trend channel line «1» - 1.5833 still free. Level need to go quickly, or become active sellers. After leaving the channel "1" will take the euro exchange rate against the upper channel line "2" - 1.6321. And there is already possible to aim at the 1.7095 for the trend line from 2009.
In the last review I wrote, if we consider the weakening of the euro against the New Zealand dollar with the top of 1.8556 as trёhvolnovoy model "plane", the wave "C" is now 61.8% of the wave "A". If the wave of «C» will be the standard (A = C) or extended, the target area for vendors will move into the area 1.4068 - 1.4159. However, the growth scenario is closer to me.
According to the materials of Alpari Author: Vladislav Antonov