Elliott wave analysis of EUR/NZD for August 16, 2016

Wave summary:

We continue to look for a break above minor resistance at 1.5568 confirming that the correction from 1.5839 completed with the test of 1.5187 and a new impulsive rally towards 1.6428 and above is developing.

We have seen a lot of false attempts to continue the impulsive rally from July's low at 1.5072, but eventually it seems as the next impulsive rally is unfolding up for a break above 1.5568, confirming renewed upside pressure here.

Trading recommendation:

We are long EUR from 1.5410 with stop placed at 1.5175. If you are not long EUR yet, then buy near 1.5400 or upon a break above 1.5568 and use the same stop at 1.5175.

The material has been provided by InstaForex Company - www.instaforex.com

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