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05.07.201606:54 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for July 5, 2016

Long-term review

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Wave summary:

The direct break below 1.5411 indicates that the correction in wave (ii) terminated at 1.5775 and the next impulsive decline towards 1.4490 is developing.

The correction in wave (ii) could turn into an expanded flat, but in this case the minor support at 1.5280 needs to protect the downside for a break above the minor resistance at 1.5585 that will call for a rally closer to 1.5860 before wave (ii) is completed and wave (iii) lower begins.

Trading recommendation:

We missed our sell entry. We will still sell at 1.5880, but place a sell order upon a break below 1.5280.

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