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17.08.201505:35 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for August 17 - 2015

Long-term review

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Technical summary:

We continue to look for a b-wave rally to 1.7198 and maybe even higher to 1.7273 as the break above 1.7077 indicates that an expanded flat correction is unfolding. Therefore, we are looking for minor support in the 1.6890 - 1.6910 area for a move higher to 1.7198 before wave c lower to 1.6581 should be expected.

At this point, only a break below 1.6890 will confuse the picture, but only a break below support at 1.6756 will tell that wave c lower to 1.6581 already is developing.

Trading recommendation:

We are looking for a selling opportunity at 1.7185.

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