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Elliott wave analysis of EUR/NZD for January 2 - 2015

2015-01-02-EURNZD-8H.png


Technical summary:


The September low at 1.5526 has been broken too and after small correction towards 1.5630 the next downside target will come in at 1.5407. However, the longer-term decline is expected to continue all the way back to the July 2012 low at 1.4966 in major flat correction. Correction from the 1.7153 high has been a very complex triple combination and we are currently in the final z-wave of this triple combinatio with more downside to cover.


Trading recommendation:


We have missed our selling target at 1.5615, but will try to sell at 1.5620 with a stop at 1.5725.


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