Elliott wave analysis of EUR/NZD for October 12, 2016

Wave summary:

The failure to accelerate higher is not consistent with our previous count. Therefore, we have a new preferred count. This count shows that a leading diagonal was seen as wave (i) at 1.5668 and an expanding flat in wave (ii) now is unfolding. This allows for wave (ii) to move closer to support in the 1.5245 - 1.5271 area before a strong impulsive rally takes over as wave (iii) towards 1.6396.

Trading recommendation:

Our stop at 1.5550 was hit for a small profit. We will re-buy EUR at 1.5280 or upon and unexpected break above 1.5712.

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

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