FX.co ★ Elliott wave analysis of EUR/NZD for August 23, 2016

Wave summary:

It is disappointing that this cross has failed to rally impulsively after the break above the resistance line from 1.6904. That said, we do remain cautiously positive for more upside pressure towards 1.5837 and above here will confirm a return to 1.6904 and above.

Short term, we need to accept the possibility of a dip just below 1.5366 before a break above 1.5649 calls for the rally to 1.5837 and ideally above.

Trading recommendation:

Our stop was hit for a small profit. We are looking for a new buying opportunity near 1.5370 or upon a break above 1.5649. Stop will be placed at 1.5180.