12.08.201607:24 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for August 12 - 2016

Long-term review

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Wave summary:

The move higher from the 1.5187 does look constructive, but we still need a firm break above the resistance-line near 1.5550 to add confidence that wave ii is complete and wave iii higher towards at least 1.6428 is developing.

Short term, we will ideally see minor support at 1.5390 protect the downside for the break above 1.5550 to give the final GO! for the rally higher.

Trading recommendation:

We will buy EUR at 1.5410 or upon a break above 1.5550 with stop placed at 1.5175.

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