Elliott wave analysis of EUR/NZD for January 2, 2017

Wave summary:

After a smaller than expected 38.2% correction in wave [ii], we are now looking for an extended rally in wave [iii] towards 1.5911.

Short-term, we expect minor support near 1.5080 will continue to protect the downside for a rally above resistance at 1.5235 confirming that wave [iii] is well under way towards the 1.5911 target.

Trading recommendation:

We are long EUR from 1.5195 with stop placed at 1.4960. If you are not long EUR yet, then buy near 1.5080 or upon a break above 1,5235 and use the same stop.

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

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