Hello traders. In this technical article, we will take a quick look at his Elliott Wave chart for EURNZD, which is published in the members area of the website. As our members know, the pair has shown an incomplete bearish sequence in the cycle from the August 21st peak and is looking for further downside. This pair ideally targets the 1.7329 area. Our team recommended members to avoid buying while favoring the short side of the pair. We recently had a fix that reached our sales zone. The pair found a seller and, as expected, received a response from the blue box. Further text will discuss Elliott wave predictions and trading strategies.
EURNZD Elliott Wave 1 hour chart 12.28.2023
This pair is bringing about a recovery in wave ((ii)), correcting the cycle from the 1.774 peak. The price has reached the extreme zone of 1.7579-1.7693 (blue box – seller zone). We do not recommend purchasing this pair. Prefer the short side of the equal leg zone in the blue box. Since the main trend is bearish, we expect at least three waves to pull back from the sell zone. (b) When the decline reaches 50 Fibs against the blue low, short de-risks his position (places SL on BE) and locks in a partial profit. Disabling the short trade is a break of 1.618 fib (ext: 1.7693)
Quick reminder:
Our charts are easy to trade and understand:
Red bearish stamp + blue box = sale setup
Green Bull Stamp + Blue Box = Buy Setup
Charts with black stamps cannot be traded. 🚫
EURNZD Elliott Wave 1 hour chart 12.31.2023
This pair found a seller in the blue box area: 1.7579-1.7693. The recovery was completed at the 175.88 high, and the reaction from the sell zone was also good. The drop reached and exceeded 50 fibs relative to the connector’s lowest value. Therefore, the member who made the short sale transaction is now enjoying the profits of a risk-free position. While below the 175.88 high, the next leg is likely heading towards a new low.
