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    Elliott wave analysis of EUR/NZD for November 4 - 2015

    2015-11-04-EURNZD-4H.png

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    Wave summary:

    We continue to look for confirmation that wave 2 is over and wave 3 higher has taken over. The bottom could be well in place at 1.6124. Then we need a break above resistance at 1.6515 to indicate this is the case for a rally higher to 1.6950 and above higher, which will confirm the bottom for a rally much higher.

    We have seen a new test of resistance at 1.6515 (the high has been 1.6508), but only a break above 1.6515 will indicate that we did indeed see a firm bottom at 1.6124.

    Trading recommendation:

    We will buy EUR at 1.5900 or upon a break above 1.6515 (one order done cancels the other).


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