Elliott wave analysis of EUR/NZD for October 13, 2016

Wave summary:

We still think that an expanded flat wave (ii) is unfolding and will be looking for a little more downside closer to support in the 1.5245 - 1.5271 area from where the next impulsive rally in wave (iii) is expected for a rally towards 1.6396 and above.

Only a direct break above 1.5712 will indicate that the correction in wave (ii) has finished early and wave (iii) higher already is developing.

Trading recommendation:

We are looking for a EUR-buying opportunity at 1.5280 or upon a break above 1.5712.

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

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