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Elliott wave analysis of EUR/NZD for August 21 - 2015


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Technical summary:

We have seen the expected rally, but it has move firmly above our 1.6930 target. This rally needs to stay below the top at 1.7103 or our count will be invalidated and the decline from 1.7077 should be regarded as an expanded flat calling for red wave iii higher to 1.7696. At this point we need a break below minor support at 1.6826 to secure the top at 1.7103 for a correction lower to 1.6338.

Trading recommendation:

We are short EUR from 1.6920 with stop placed at 1.7110. If you are not short EUR yet, then sell a break below 1.6999 with the same stop at 1.7110.

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