23.12.201509:44 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for December 23 - 2015

Long-term review

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Wave summary:

There is no change in view. We still think that wave ii ended at 1.5930 and wave iii higher is in its infinity. That said, we still need a break above minor resistance at 1.6164 and more importantly a break above resistance at 1.6246 confirming the bottom for a rally much higher.

In the short term, it will take an unexpected break below the 1.5930 low to delay the expected impulsive rally higher, but only a break below the wave 2 low at 1.5784 to invalidate the bullish outlook.

Trading recommendation:

We will only buy a break above 1.6167 with our stop placed at 1.5935.

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