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Elliott wave analysis of EUR/NZD for August 11 - 2015


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Technical summary:

We continue to look for a break above the triangle resistance line near 1.6790 for a rally higher towards 1.6995 and ideally higher to 1.7277 before the first impulsive rally from 138.60 is over and a larger correction should be expected.

Minor support is now found at 1.6596 and will ideally protect the downside for the break above 1.6790 and more importantly above resistance at 1.6826 confirming the move higher to 1.6995 and beyond.

Trading recommendation:

We missed our entry at 1.6580 and will now wait for a break above 1.6826 to buy EUR and place stop at 1.6590

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