Elliott Wave Analysis of EUR/NZD for April 19 - 2016
EUR/NZD keeps moving lower and the break below support at 1.6229 tells us that the correction in wave [ii] is not over yet as expected. This is both very confusing and frustrating but we must accept the price action and should see one more decline to just below 1.6125, but not below the important support at 1.5813.
Short-term resistance is seen at 1.6243 and only a break above here indicates a low is in place, while a break above resistance at 1.6499 will be needed to confirm the low.
Our stop at 1.6225 was hit for a loss and we will buy EUR at 1.6105 with stop placed at 1.5810, OR we will buy a break above 1.6364 with a stop 5 pips below the most recent low.