19.08.201608:13 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for August 19 - 2016

Long-term review

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Wave summary:

The minor resistance-line from 1.5839 and the resistance-line from 1.6931 has clearly been broken as expected. We are looking for upside acceleration towards 1.6075 and 1.6428 as the first upside targets, but longer term, we expect this new impulsive rally to take us all the way to 1.7273 and above here.

Support is now seen at 1.5448 which ideally will protect the downside for the expected upside acceleration, but if this support is broken back-up support is seen at 1.5366, which needs to protect the downside.

Trading recommendation:

We are long EUR from 1.5410 and will move our stop higher to 1.5440. If you are not long EUR yet, then buy 1.5535 or upon a break above 1.5649 and use the same stop at 1.5440.

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