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04.03.201606:39 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for March 4, 2016

Long-term review

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Wave summary:

We have almost reached the expected target of 1.6110. Short term, we expect minor resistance at 1.6305 will be able to protect the upside for a final decline closer to the 1.6110 target, from where the next impulsive rally is likely to take off and break above resistance at 1.6305. More importantly, resistance at 1.6475 is to confirm that a low is in place for a new impulsive rally higher.

Trading recommendation:

We will buy EUR at 1.6125 or upon a a break above 1.6305 with stop placed at 1.5794

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