17.08.201611:15 Forex Analysis & Reviews: Elliott wave analysis of EUR/NZD for August 17, 2016

Long-term review

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Wave summary:

The resistance line near 1.5540 is finally being broken, confirming the the corrective low is in place at 1.5187 and the next impulsive rally higher to 1.5840 and above is developing. In the longer term, we are looking for much higher levels closer to 1.6931 and above.

Support at 1.5366 should now be able to protect the downside or else one more decline to just below 1.5187 must be expected.

Trading recommendation:

We are long EUR from 1.5410 and will move our stop higher to 1.5360. If you are not long EUR yet, then buy near 1.5466 or upon a break above 1.5577 and use the same stop at 1.5360.

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