Elliott wave analysis of EUR/NZD for October 12, 2015 Market Analysis Review

Technical summary:

We are still looking lower towards 1.6781 before the bottom is in place and a new impulsive rally higher should be expected. In the short term, we expect resistance at 1.7048 to protect the upside for a final decline towards 1.6781.

Only an unexpected breakout above resistance at 1.7125 will indicate that the bottom is already in place, and the next impulsive rally to above 1.8020 should be seen soon.

Trading recommendation:

Our stop at 1.7020 was hit for a nice profit, and we will now be looking for a EUR-Buying opportunity near 1.6781

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