Elliott wave analysis of EUR/NZD for February 26, 2016

Elliott wave analysis of EUR/NZD for February 26, 2016
26 Februari 2016 11:44 AM

Wave summary:

It is very disappointing to see this cross making a new corrective low. The breakout below the former low of 1.6338 has just made this correction even more complex and calls for a move closer to 1.6108 before the next possible bottom.

Short-term minor resistance is seen at 1.6454, which is likely to protect the upside for a move closer to 1.6108. Only a breakout above important short-term resistance at 1.6688 will confirm that a low is in place and a new impulsive rally is developing.

Trading recommendation:

This correction keeps throwing the worst curve balls at us and we will stand aside for a while.

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