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21.07.201609:42 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for July 21 - 2016

Long-term review

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Wave summary:

The impulsive rally of the 1.5072 low is unfolding nicely. A little move up closer to 1.5941 is expected in wave [v] to complete wave i and set the stage for a correction in wave [ii] towards at least the 38.2% correction of the rally from 1.5072 to 1.5941. At the same time, a corrective decline closer to the 50% corrective target near 1.5506 is more likely as this is also close to the bottom of wave [iv].

Once the correction in wave ii is completed, a new impulsive rally towards at least 1.6912 is expected.

Trading recommendation:

We missed our buying target at 1.5485 so we are going to wait for another opportunity to buy the EUR at 1.5520 with stop placed at 1.5400.

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