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Elliott wave analysis of EUR/NZD for August 24 - 2015


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Technical summary:

The break above resistance at 1.7103 confirmed that wave (v) higher was not over yet and the decline from 171.03 only had been a wave ii correction and a strong rally in wave iii should be expected.

The next upside target is seen at 1.7598, but this will likely only provide temporary resistance, before a continuation higher to 1.7639 or even 1.8336 is seen.

Trading recommendation:

Our stop at 1.7110 was hit. We will buy EUR at 1.7223 and place stop at 1.6970 expecting to move it higher quickly.

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