08.09.201609:48 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for September 8, 2016

Long-term review

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Wave summary:

The break below 1.5187 confirmed that the larger corrective decline from 1.9023 still needs one more decline closer to the 1.4748 - 1.4815 area before completing.

After a minor recovery to 1.5187, the final decline into the 1.4748 - 1.4815 support window is expected. It should set the stage for a new impulsive rally that ultimately will break above 1.9023, but for now stays focused towards the downside for one more new low.

Trading recommendation:

We will wait for a decline into the 1.4748 - 1.4815 support window before buying EUR. Ideally we can buy at 1.4755.

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