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12.05.201605:57 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for May 12 - 2016

Long-term review

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Wave summary:

It's not yet clear whether a direct rally towards 1.7052 and higher to 1.7273 is developing or a more complex structure is developing before the rally higher can take place.

A break below support at 1.6592 will confirm the more complex structure calling for a series of waves. But ultimately more upside pressure is expected in both scenarios, it's just a question of how and when.

Trading recommendations:

We are long on the EUR from 1.6315 with stop placed at 1.6600. If you are not long on the EUR yet, then buy a break above 1.6904 and place your stop at 1.6700

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