EURNZD Selling The Rallies At The Blue Box Area

Hello fellow traders. In this technical article we’re going to take a quick look at the Elliott Wave charts of EURNZD published in members area of the website.  As our members know, the pair is showing incomplete bearish sequences in the cycle from the August 21st peak that are calling for more downside. The pair is targeting 1.7329 area ideally.  Our team recommended members to avoid buying , while keep favoring the short side in the pair.  Recently we got correction that reached our selling zone. The pair found sellers and made reaction from the blue box as expected. In the further text we are going to explain the Elliott Wave Forecast and trading strategy.

EURNZD Elliott Wave 1  Hour  Chart 12.28.2023

The pair is giving us wave ((ii)) recovery which is correcting the cycle from the 1.774 peak. The price has reached extreme zone at  1.7579-1.7693 ( Blue Box – sellers zone). We don’t recommend buying the pair and prefer the short side from the blue box- equal legs zone. As the main trend is bearish, we expect to see at least 3 waves pull back from our selling zone.  Once decline reaches 50 Fibs against the (b) blue low , we will make short position risk free ( put SL at BE) and take partial profits. Invalidation for the short trades is break of 1.618 fib ext : 1.7693

Quick reminder:

Our charts are easy to trade and understand:
Red bearish stamp+ blue box = Selling Setup
Green bullish stamp+ blue box = Buying Setup
Charts with Black stamps are not tradable.  🚫

You can learn more about Elliott Wave Patterns at our Free Elliott Wave Educational Web Page.

EURNZD

EURNZD Elliott Wave 1  Hour  Chart 12.31.2023

The pair found sellers right at the Blue Box area : 1.7579-1.7693.  Recovery completed at the 175.88 high and we are getting good reaction from the selling zone.  Decline reached and exceeded 50 fibs against the connector’s low. So members who took the short trade are enjoying profits now in a risk free positions. While below 175.88 high, next leg down can be in progress toward new lows.

Keep in mind that market is dynamic and presented view could have changed in the mean time.  You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room

EURNZD

Source: https://elliottwave-forecast.com/trading/eurnzd-selling-rallies-blue-box-area/