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05.08.201505:45 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for August 5, 2015

Long-term review

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Technical summary:

There is no change in view. We are still looking for a breakout above 1.6826 for a continuation higher to 1.7277 as the next major upside target. Ideally, support at 1.6540 will continue to protect the downside for the breakout above 1.6826, but a break below 1.6540 is likely to delay the expected upside pressure closer to 1.6325 before renewed upside pressure can be expected.

Trading recommendation:

We are long EUR from 1.6603 and will move our stop higher to 1.6550. If you are not long you should only buy upon a breakout above 1.6718.

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