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23.04.201506:06 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for April 23 - 2015

Long-term review

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Technical summary:

The very complex wave B of the expanded flat correction, which has been unfolding from a high of 1.7274, finally seems to come to the end. A break above 1.4237 is needed to confirm that the bottom is in place. If we zoom in on the shorter time frame, we can see the rally from 1.3867 is strong and looks impulsive calling for more upside in the near term. The first hurdle to clear is resistance at 1.4237. Above here, will call for a continuation towards the top of wave v at 1.4547.

Trading recommendation:

Our stop and reverse at 1.4055 was hit for a nice profit. We are long EUR from 1.4055 now and we will place our stop at 139.65. If you are not long EUR already, then buy EUR near 1.4055 with the same stop at 1.3965.

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