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    Elliott wave analysis of EUR/NZD for May 7 - 2015

    2015-05-07-EURNZD-4H.png

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    Technical summary:

    Wave v has now tested the 38.2% target at 1.5109. It seems to be peaking for a larger correction towards 1.4724. A break below minor support at 1.4932 will be the first indication that wave v and 1 has peaked and a correction in wave 2 is unfolding.

    A very nice five-wave rally from the 1.3880 bottom can now be counted as wave 1. We should be looking for a correction in wave 2. Second wave corrections can be very deep (they are allowed to correct 100% of the first wave).

    Trading recommendations:

    We are long EUR from 1.4825 and take our profit reverse our position to a sold EUR position here at 1.5090 with stop placed at 1.5135.

    Uitgevoerd door, Analytische expert
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