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07.09.201608:45 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for September 7, 2016

Long-term review

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Wave summary:

The break below 1.5187 invalidated our bullish count and we have to go back to the long-term chart to view the options. We still feel confident that a long-term important low was seen at 1.3884 and the upside pressure eventually will get the upper hand. However, for now we need to accept that the correction from 1.9023 is still unfolding and the next possible downside target is seen at 1.4748. Only from this support or upon a 1.5271 should renewed upside pressure be expected.

Trading recommendation:

Our stop at 1.5180 was hit for a loss. We will be looking to buy at 1.4755 or upon a break above resistance at 1.5271.

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