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12.01.201708:30 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for January 11, 2017

Long-term review

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Wave summary;

The correction from 1.5235 has turned into a double zig-zag. The ideal downside target for the second zig-zag is seen at 1.4876 from where a new impulsive rally towards 1.5837 remains expected. Only a direct break above minor resistance at 1.5143 will indicate that the correction in wave ii/ completed prematurely for the expected rally higher to 1.5837 and above in the longer term.

R3: 1.5143

R2: 1.5114

R1: 1.5019

Pivot: 1.4986

S1: 1.4930

S2: 1.4900

S3: 1.4876

Trading recommendation:

Our stop was hit. We will buy EUR at 1.4885 or upon a break above resistance at 1.5143.

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