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04.09.201505:54 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for September 4, 2015

Long-term review

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Technical summary:

There is still no verdict here. As long as support at 1.7103 stays intact, one more rally higher to 1.9023 and above can not be excluded. To confirm a new rally higher towards 1.9023, a break above minor resistance at 1.7743 and more importantly a break above resistance at 1.7896 should be seen. That said, we are a bit reluctant to make a strong call for one final rally above 1.9023. The reason behind it is that the top of wave iii seems to move very far away and risk of a wave five failure could be much greater than normally.

Trading recommendation:

The trend is still up. Support at 1.7103 is still holding firm, so we would normally be buying EUR, but the risk seems much greater than normal, so for now we will stay neutral.

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