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22.12.201506:53 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for December 22 - 2015

Long-term review

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Wave summary:

We saw a failed attempt to break above short-term important resistance at 1.6246 yesterday, which added new downside pressure for a new low for wave ii at 1.5949. As long as the start of wave i at 1.5784 stays intact, we will give the bullish count the benefit of the doubt and look for a break above 1.6164 and more importantly a break above 1.6246 to confirm that wave ii is over and an extended wave iii higher is unfolding.

To sum up, a break above 1.6246 failed yesterday and the new low is slightly disturbing and make us more cautious than normal.

Trading recommendation:

We are looking to buy EUR upon a break above 1.6164 and will place stop at 1.5935.

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