09.09.201505:52 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for September 9 - 2015

Long-term review

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Technical summary:

A triangle formation should be finished soon. We still belive that this is a wave (iv) triangle and that it will call for a thrust out of the triangle towards the upside. A break above resistance at 1.7881 will confirm the upside thrust. Of course, it can turn out to be a B-wave triangle, which a break below support at 1.7304 will confirm.

Now we are at levels that makes the risk better to handle. So, we can wait for the thrust out of the triangle either at 1.7881 for the next rally or below support at 1.7304 for more declines. Or we could buy EUR here with a stop and revers at 1.7300.

Trading recommendation:

We think that we are at levels, where the risk is manageable again. We will buy EUR at 1.7490 and place our stop at 1.7300.

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