FX.co ★ Elliott wave analysis of EUR/NZD for December 29, 2014

Technical summary:

The decline from 1.7153 just became much more complicated with the break below the support line from 1.5407. The break below this support line is the first indication that the August 2012 lows at 1.4966 will be revisited. The next good indication will be a break below support at 1.5643. With this new information I have changed my scenario which now shows that we are likely in wave z of a triple combination, that began all the way back at 1.7153.

Trading recommendation:

With the new scenario we will shift from a EUR-buying strategy to a EUR-selling strategy. We will sell EUR near 1.5710 with a stop at 1.5840.