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07.07.201607:45 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for July 7, 2016

Long-term review

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Wave summary:

We do prefer wave (ii) having finished at 1.5775, but we still need a break below support at 1.5280 to confirm this is the case and confirming the next part of the decline towards 1.4490.

As long as support at 1.5280 remain untouched wave (ii) could develop into an expanded flat correction, which will call for a rally to just above 1.5775 before the next impulsive decline can begin.

Trade recommendation:

We are looking for a selling opportunity and will sell EUR here at 1.5500 with stop placed at 1.5610.

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