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13.05.201605:49 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for May 13 - 2016

Long-term review

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Wave summary:

We continue to see higher highs and higher lows indicating that an uptrend is building (no surprise in that), but we lack upside acceleration, which we think is because a series of wave one's and two's is building and if this is the case, then a series of wave three's will be like a firework when it finally takes off in a real manner.

In the short term, we are looking for support at 1.6610 to keep protecting the downside for a break above minor resistance at 1.6761 opening up the upside for a possible acceleration towards 1.7273 and higher.

Trading recommendation:

We are long in EUR from 1.6315 with stop placed at 1.6600. If you are not long in EUR yet, then buy a break above 1.6761 and use the same stop at 1.6600.

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