26.05.201609:09 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for May 26, 2016

Long-term review

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Wave summary:

Despite the rally to 1.6715 another decline has been seen to a low of 1.6424 from where a new rally took place. As can be seen from the daily chart below, the correction from 1.6897 has been glued to the former resistance line that now acts as support. Once yesterday's high at 1.6715 is cleared, the upside will be wide open for the next impulsive rally higher to 1.7273 and higher to 1.8420 as the next major target.

Trading recommendation:

Our stop at 1.6430 was hit, but just barely. We will buy EUR again at 1.6545 or upon a break above 1.6715 with stop placed at 1.6425

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