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01.09.201608:21 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for September 1, 2016

Long-term review

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Wave summary:

Another disappointing performance has been seen. We remain locked between support near 1.5283 and resistance near 1.5416. We continue to favor the upside and a break above minor resistance at 1.5416 for a rally higher towards 1.5649 and 1.5839 on the way higher. That said, we will have to accept that as long as minor resistance at 1.5416 is able to protect the upside, a little more downside pressure could be seen. But at no circumstance should support at 1.5187 be broken.

Trading recommendation:

We are long EUR from 1.5370 with stop placed at 1.5180. If you are not long EUR yet, then only buy a break above 1.5416 and use the same stop at 1.5180.

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