via JP Morgan’s Tech Team:
FX Tech Alert: Buy EUR/NZD for an intermediate bounce to 1.5500
Having come very close to an internal weekly trend line support at 1.4541 while the shown wave count also offers a high likelihood that we are just about to complete a long-term 5-wave cycle down from the 2009 high at 2.5788, we see a very good risk-reward given to at least bet on an interim recovery. The latter could easily bounce up to 1.5561 (daily trend) with an option to extend to weekly trend channel resistance at 1.6103 at a later stage. Only a decisive break below 1.4541 would rip the downside wide open again so that we’d step aside. Strategy: We bought at 1.4628, targets 1.5500 & 1.6000, stop at 1.4450.
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