18.08.201608:08 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for August 18 - 2016

Long-term review

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Wave summary:

EUR/NZD tried to break above the resistance-line from 1.6931 yesterday, but failed the first attempt. As long as minor support at 1.5366 is able to protect the downside, we will be looking for more upside pressure, but a strong break above 1.5626 should be seen soon or the bears will win another battle and push prices lower towards 1.4920 from where a new recovery is expected.

A strong break above 1.5626 will call for a rally to 1.5839 and likely even closer to 1.6095 as the next minor upside targets.

Trading recommendation:

We are long EUR from 1.5410 with stop placed at 1.5360. If you are not long EUR yet, then only buy a break above 1.5626 and use the same stop at 1.5360.

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