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22.09.201608:01 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for September 22, 2016

Long-term review

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Wave summary:

We continue to expect that minor resistance at 1.5330 will be able to act as a cap for renewed downside pressure towards 1.4705. In the short term, a break below minor support at 1.5200 will confirm the next decline closer to 1.4705.

Only an unexpected break above 1.5330 will delay the expected decline for a move closer to 1.5407 before lower again.

Trading recommendation:

We are short EUR from 1.5217 with stop placed at 1.5340 (we have removed our reversal order). If you are not short EUR yet, then sell near 1.5285 with the same stop at 1.5340.

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