Elliott wave analysis of EUR/NZD for September 19, 2016

Wave Summary:

We have seen the expected decline from 1.5507 and is looking for a strong break below support at 1.5217 to confirm that the final leg lower in the ending diagonal towards 1.4705 is unfolding.

Short term, resistance is seen at 1.5353. This resistance will ideally be able to protect the upside for a continuation lower to 1.4989 on the way towards 1.4705.

Only a break above resistance at 1.5391 will question the potential downside.

Trading recommendation:

We also missed out sell order at 1.5435. We will place two new sell orders. We will sell at 1.5345 with stop placed at 1.5400. Or we will sell a break below support at 1.5217 and place stop at 1.5380 (one order done cancels the other).

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