17.05.201605:21 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for May 17 - 2016

Long-term review

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Wave summary:

Blue wave ii is becoming more complex that first anticipated, as blue wave ii has turned into a double zig-zag correction. The important short-term support at 1.6479 still needs to protect the downside to keep this count as the preferred count.

In the short term, we are looking for a break above the minor resistance near 1.6685 as a confirmation that blue wave ii is over and blue wave iii higher to 1.7254 is unfolding.

Only a break below the important support at 1.6479 will indicate that the rally from 1.6062 was a leading diagonal 1.6391 before moving higher again.

Trading recommendation:

Our stop at 1.6600 was hit for a nice profit on long positions from 1.6315. We will re-buy EUR at 1.6550 or upon a break above 1.6685 with stop placed at 1.6475.

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