[EURNZD, 01/16/2019] Price movement prediction - Elliot Wave

16 de jan. de 2019

Based on Elliot Wave Theory, price has finished wave 3 and met minor support. Price needs to pull back about 100 pips in order to drop further. In addition, H1 MACD and RSI have formed bullish divergence that support this assumption.

Wait until the pull-back is finished to enter short position is safest, or enter short when D1 support 1.67130 is confirmed breached. TP 1.66500

Risk takes might take long position to trade the pull-back, however downside risk is far greater so proceed with caution.

16 de jan. de 2019

Trade ativo

1.67130 is breached. Trade is active. TP 1.65700

16 de jan. de 2019

Trade ativo

Price bounced up by another support level on D1 at 1.66945. Considering cancel the current trade if the buying power is big, then wait to sell after pull-back.

16 de jan. de 2019

Trade fechado manualmente

Pull-back demand is now confirmed. Just cancelled current position to wait for sell entry after pull-back.

16 de jan. de 2019

Nota

Trade the pull-back is far riskier than selling. So now we shall wait....

16 de jan. de 2019

Nota

I will open sell at 1.68750-1.68800.
Reasons:
1. Daily key level
2. Fibo 38.2% resistance
3. EMA 200 resistance
4. RSI is approaching overbought

16 de jan. de 2019

Trade ativo

Sell entry re-activated. Look like our old resistance level worked well.

17 de jan. de 2019

Nota

Price is currently re-testing resistance at 1.68800. Watch closely.

17 de jan. de 2019

Trade fechado: stop atingido

Stop reached due to weak NZD.