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30.08.201607:14 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for August 30, 2016

Long-term review

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We continue to look for a break above minor resistance at 1.5545 and more importantly a break above 1.5649 to confirm the next rally higher to at least 1.5839 and above here will open up the upside for a continuation towards 1.6931 and above.

The risk remains a break below 1.5187 that will call for a retest of 1.5072. This is not expected, but can not be excluded before the break above 1.5839 is seen.

Trading recommendation:

We are long EUR from 1.5370 with stop placed at 1.5180. If you are not long EUR yet, then buy a break above 1.5545 and place your stop at 1.5275.

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