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08.03.201609:30 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for March 8, 2016

Long-term review

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Wave summary:

The pair is currently testing the resistance line from a high of 1.7222 near 1.6304. A clear breakout above this resistance line will be the first firm indication that wave [ii] has been completed with the test of 1.6085 and wave [iii] higher to 1.8551 is developing. To confirm that wave [iii] is unfolding, a breakout above resistance at 1.6633 will be needed.

Trading recommendation:

We are long EUR from 1.6125 and will move our stop higher to 1.6075. If you are not long EUR yet, then buy on a breakout above 1.6330 and use the same stop.

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