15.08.201607:59 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for August 15 - 2016

Long-term review

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Wave summary:

The resistance-line near 1.5570 is under pressure and a break above here will confirm that the correction from 1.5839 completed with the test of 1.5187 and a new impulsive rally to above 1.5839 for a continuation higher towards 1.6428 should be expected.

The rally from 1.5187 does look constructive, but a break above the resistance-line near 1.5570 is expected to add upside acceleration.

Support is now seen at 1.5400 and near 1.5260

Trading recommendation:

We are long EUR from 1.5410 with stop placed at 1.5175. If you are not long EUR yet, then buy near 1.5400 if seen or upon a break above 1.5570 and use the same stop at 1.5175.

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