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05.07.201216:34 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for July 24, 2015

Long-term review

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Technical summary:

A break above 166.39 has changed a corrective pattern or maybe even complete sub-normal corrective zig-zag at 1.6325. We do prefer more corrective behavior, but is the correction in this cross can be very small. Now we are looking for an opportunity to test the top at 1.6812 in a flat, but it could turn into an expanded flat, which would call for a rally to 1.7000 before turning lower to 1.6115 to finish its correction in wave 2.

Trading recommendation:

Our stop at 1.6640 was hit for a small loss and we will stay neutral for now.

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