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Wave analysis

23.06.201608:51 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for June 23 - 2016

Long-term review

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Wave summary:

We continue to look for the final spike lower to 1.5604 to complete wave (i). After a relief rally to 1.6040, renewed downside pressure will be expected for the next impulsive decline in wave (iii) towards 1.4702.

The ideal target for wave C is seen at 144.71.

Trading recommendation:

Stay short in EUR and move your stop lower to 1.5875. Keep take profit at 1.5625.

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